LDS Church Acquires Boca Raton Complex for $240M
The Church of Jesus Christ of Latter-day Saints purchased the 456-unit Uptown Boca Villas apartment complex through its Property Reserve affiliate. The acquisition represents one of South Florida's largest multifamily transactions this year.
The Church of Jesus Christ of Latter-day Saints has completed a $240 million acquisition of the Uptown Boca Villas apartment complex in Boca Raton, establishing itself as a major player in South Florida's multifamily investment market.
An affiliate of the LDS Church's Property Reserve division purchased the 456-unit development at 20927 95th Avenue South from Atlanta-based Cortland. The transaction ranks among the region's most expensive multifamily deals in 2024, despite broader market softening across Miami-Dade, Broward, and Palm Beach counties.
Cortland had acquired the seven-building property for $230 million in 2021, generating a modest profit on the three-year hold. The complex spans 38 acres and features units ranging from 718 square feet to over 1,700 square feet, accommodating one to four bedrooms. Residents enjoy amenities including a swimming pool, fitness center, business facilities, movie theater, community lounge, and children's playground.
The original development partnership included Giles Capital Group, Rosemurgy Properties, Schmier Property Group, and Wheelock Street Capital, who completed construction in 2020. These developers initially purchased the site for $38 million in 2018 and secured $125 million in construction financing from Jutland Finance the following year. The partnership retained ownership of 179,000 square feet of retail space within the complex when selling to Cortland.
This latest purchase expands the LDS Church's substantial South Florida real estate portfolio. The organization acquired the 384-unit Del Ola apartment complex in Boca Raton for $152.5 million in 2023. Additional holdings include a 315-unit Plantation property purchased for $133 million in 2024 and a 284-unit Wellington complex acquired for $102.4 million last year.
The church's investment strategy reflects growing institutional interest in South Florida's rental housing market, where population growth and limited new construction continue supporting demand. Religious organizations increasingly view real estate as a stable investment vehicle for managing donated funds and generating long-term returns.
The LDS Church operates through various investment entities to manage its extensive real estate holdings nationwide. Members contribute ten percent of their income through tithing requirements, providing substantial capital for the organization's investment activities. In 2023, the church and its investment manager Ensign Peak Advisors reached a $5 million settlement with the Securities and Exchange Commission regarding disclosure practices for real estate investments, without admitting wrongdoing.
South Florida's multifamily market has experienced significant institutional investment activity despite recent market cooling. The region's demographic trends, including continued migration from higher-cost markets and international buyers, support long-term rental demand fundamentals that attract large-scale investors seeking stable income-producing assets.
