BlackRock is putting its Worthing Place apartment building in downtown Delray Beach on the market for roughly $130 million, The Real Deal has learned.
The listing is another sign of renewed confidence in South Florida’s multifamily market. Deal activity picked up in recent weeks following a dry spell caused by expensive financing costs. A downtown Miami apartment tower also hit the market for roughly $300 million, which would mark a South Florida record so far this year.
Completed in 2010, Worthing Place is a six-story, 217-unit building on 2.4 acres at 32 Southeast Second Avenue, according to records. New York-based global investment manager BlackRock, led by Larry Fink, owns the building through an affiliate, state corporate filings show.
Worthing Place includes over 12,000 square feet of ground-floor retail and 301 parking spaces, according to a listing webpage by CBRE, which is marketing the property. The listing doesn’t include an asking price, but sources told TRD the seller is targeting somewhere in the $130 million range.
If it trades at that price, the deal would break down to over $599,000 per unit.
The building offers one- to three-bedroom apartments with monthly rents ranging from $2,840 to $5,271, according to the property’s website. It’s roughly 95 percent leased, one of the sources said.
Robert Given and Zach Sackley of CBRE are marketing Worthing Place. The pair, who declined comment, are part of a team that jumped to the brokerage this month from Cushman & Wakefield.
BlackRock also declined comment.
The Federal Reserve’s interest rate hikes starting in the spring of last year slowed South Florida’s multifamily investment sales frenzy. Expensive purchase financing created large bid-ask gaps that brought down activity in commercial real estate late last year and this year.
But deals picked up this month. The Pérez family’s Related Group and Rockpoint sold the Manor Lantana rental complex at 861 Water Tower Way for $138 million to Praedium Group. Alliance Residential Company and private equity giant Carlyle sold the Locklyn West Palm complex at 3590 Village Boulevard for $105.5 million to Harbor Group International.
Also, The Connor Group bought The Villas at Wyndham Lakes complex at 11500 Northwest 56th Drive in Coral Springs for $121 million, and Waterton bought the pair of One Plantation buildings at 1600-1700 Southwest 78th Avenue in Plantation for $88.4 million.
In recent weeks, The Moinian Group put its 43-story, 434-unit Bezel apartment tower that’s part of Miami Worldcenter on the market for roughly $300 million. If the sale closes at the price, it would be the biggest South Florida multifamily deal so far this year.