Boston – The Davis Companies announced the sale of The Lumin, a 180-unit, class A apartment community located within The Park at Broken Sound, a 700-acre residential, office, retail and hospitality master development in Boca Raton, Florida. The property was sold to Bell Partners Inc. for $56.5 million.
TDC developed The Lumin in a joint venture with Mainstreet Capital Partners. Construction of the community was completed in October of 2018. At the time of sale, The Lumin was 96% leased.
TDC and Mainstreet Capital acquired the property in 2015 with a plan to capitalize on the City of Boca Raton’s vision for the redevelopment of the Broken Sound office campus into a vibrant, mixed-use community. The purchase consisted of a 115,986-square-foot office building on one parcel, which was sold for $23.675 million after performing leasing upgrades, and two single-story flex industrial buildings on a separate parcel. Recognizing the desirability of the location for residential use, due to its proximity to universities, medical institutions and several corporate headquarters, the joint venture negotiated a favorable lease termination with the principal tenant of the flex buildings, and thereafter demolished the buildings and designed, permitted and built The Lumin community on the site.
Bell Partners has announced that they have also acquired The Cade, another apartment community adjacent to The Lumin, and will merge the two into a single, 270-unit community to form Bell at Broken Sound within The Park at Broken Sound.