Property Reserve Drops $240M Near Miami
The asset previously sold in 2021 for just a little less.
Property Reserve, the real estate platform of the Church of Jesus Christ of Latter-day Saints, has paid $240 million for Uptown Boca Villas, a 456-unit community in Boca Raton, Fla. The deal is one of the priciest multifamily transactions closed so far in 2026 in South Florida, according to The Real Deal.
Cortland sold Uptown Boca Villas after five years of ownership. The company acquired the property from Park Partners Residential in 2021 for $230 million, according to Yardi Matrix. That marks a nearly 4.4 percent gain for the seller in the current deal.
The community is Property Reserve’s third asset in the West Palm Beach–Boca Raton metro area, bringing the company’s local unit count to 1,124, according to Yardi Matrix. The firm’s previous purchase in the market was Del Ola, a 384-unit community in the East Boca Raton submarket that traded for $153 million last year.
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Uptown Boca Villas is at 20940 Uptown Ave. in West Boca Raton, in an area with multiple retail and parks, including the Coconut Cove Waterpark and Daggerwing Nature Center. Downtown Boca Raton is 8 miles away.
Completed in 2021, the community includes seven five-story buildings across a 38-acre lot, with one- to four-bedroom floorplans ranging from 718 to 1,737 square feet. Units include washers and dryers, wood-style flooring, smart home features, keyless entries and balconies.
Amenities include a saltwater swimming pool with a sundeck and outdoor kitchen, indoor and outdoor fitness centers, a business center, a clubhouse, a children’s playroom, a dog grooming spa, outdoor spaces with soccer fields and playgrounds and roughly 700 parking spots.
South Florida investors building on 2025 momentum
South Florida’s multifamily market ended last year with steady fundamentals, despite lacking improvement in rent growth, according to a recent Yardi Matrix report. Investment activity generated $3.5 billion, outperforming each of the previous two years.
Metro Miami ranked first in South Florida for transaction volume, with $1.3 billion traded in 2025, while West Palm Beach–Boca Raton closed last year at $1.2 billion.
A recent notable investment in the area was The Dermot Co.’s $131.8 million acquisition of a 340-unit community in Palm Beach Gardens, Fla. PGIM Real Estate sold the 2016-completed property.
