6503 N. Military Trail, Boca Raton (Melanie Bell)
Mizner Court at Broken Sound, a 450-unit multifamily complex in Boca Raton, traded in a $74.75 million deal.
The property at 6503 N. Military Trail was once an apartment complex known as Coral Harbor at Broken Sound, but its former owners converted it to condominiums in 2006. The result was a 420,742-square-foot development on nearly 30 acres with a long list of amenities like a clubhouse, two tennis courts, two pools, spas and fitness center.
The new owner is Mizner Court Holdings LLC, a Miami-based holding company linked to Mizner Court Multifamily Ventures LLC. It paid $166,100 for each unit.
Mizner Court Holdings bought the property from CLP Mizner Court LLC, linked CNL Financial Group Inc., an investment management company that specializes in real estate and alternative investments.
CNL has had a long relationship with the Boca Raton property. In 2006, it purchased a $15 million mezzanine loan that the property’s former owners used to fund the condo conversion. In 2007, CNL bought the complex at a deep discount, paying $18 million—about $87 million below the selling price two years earlier.
Mizner Court at Broken Sound is in an affluent Boca Raton neighborhood. Its one- and two-bedroom apartments range from $1,100 to $2,300 and feature luxury amenities like granite countertops.