The Church of Jesus Christ of Latter-day Saints has acquired a 384-unit apartment complex in Boca Raton for $152.5 million through its real estate investment arm, Property Reserve. The purchase is part of the church’s ongoing expansion into South Florida’s property market over the past two years.
Property Reserve, based in Salt Lake City, bought the Del Ola complex at 7801 North Federal Highway from an affiliate of Clarion Partners, a New York-based firm led by David Gilbert. Public records and data from Vizzda indicate the sale price breaks down to more than $397,100 per unit. The Del Ola development was completed in 2012 and 2013 and includes 19 three-story apartment buildings, a two-story clubhouse, and five one-story garages on a 17.4-acre site.
Clarion Partners previously purchased Del Ola for $120.8 million in 2019. The complex offers apartments ranging from one to three bedrooms with monthly rents between $2,169 and $4,802.
Ashley Powell leads Property Reserve, which has made at least three major acquisitions in South Florida since 2023. Among its holdings is Beacon Logistics Park in Hialeah—a 1.3 million-square-foot industrial campus purchased from Codina Partners and Affinius Capital in multiple transactions. In 2023 alone, Property Reserve paid $174.3 million for several buildings and outparcels at Beacon Logistics Park and an additional $55.8 million for another warehouse.
Other recent purchases include the eight-story Ellsworth apartment building with 315 units in Plantation for $133 million and the Elan Polo Gardens complex with 284 units near Wellington for $102.4 million.
The Church of Jesus Christ of Latter-day Saints has received scrutiny regarding its extensive real estate assets and limited financial transparency due to minimal public disclosure requirements. In 2023, both the church and its investment manager Ensign Peak Advisors agreed to pay settlements—$1 million and $4 million respectively—to resolve Securities and Exchange Commission allegations that their portfolio was hidden through numerous limited liability companies; neither party admitted or denied wrongdoing as part of the settlement.
Another church-affiliated entity, Farmland Reserve, spent $289 million last year acquiring farms across the United States—including properties in Florida—according to reporting by the New York Post.
South Florida’s multifamily investment market has seen increased activity recently despite high interest rates, reduced demand, slower lease-ups, and stagnant or falling rent growth. Buyers have been using various financing methods such as Freddie Mac or Fannie Mae loans, insurance company funding, assuming existing debt on properties, or making all-cash purchases. Property Reserve did not record a mortgage when buying Del Ola.
Other notable deals this month include AvalonBay Communities’ acquisition of Avalon Coconut Creek—a 270-unit complex—for $98.3 million without recording a mortgage; and Favo Capital’s purchase of the 277-unit 1818 Park apartment tower in Hollywood for $190 million via an all-stock transaction with assumption of liabilities.
