Lincoln Property Co. has acquired Manor Broken Sound, a newly built 297-unit multifamily in Boca Raton, for $194M, a deal that translates into $650K per unit.
Related Group and Rockpoint sold the 11.5-acre property, which is located at 5400 Broken Sound Boulevard in the Park at Broken Sound office, residential and retail development. Cushman & Wakefield represented the sellers in the transaction.
The six-story building contains 261 apartments and six villas, each with six apartments. Rents on the one- to three-bedroom units range from $1,893 to $5,587. Related and Rockford bought the site for the Manor, Related Group's first multifamily in Boca Raton, in 2019 for $20M.
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