Mormon church pays $153M for 384-unit Boca Raton apartment complex

The Church of Jesus Christ of Latter-day Saints’ real estate investment arm picked up a 384-unit apartment complex in Boca Raton for $152.5 million.  The deal marks the church’s continuing investment in South Florida properties over the past two years. The religious institution has made the purchases through Property Reserve, which invests church reserve funds in commercial real estate. Salt Lake City, Utah-based Property Reserve bought the Del Ola complex at 7801 North Federal Highway from an affiliate of New York-based Clarion Partners, according to records and real estate database Vizzda. The deal breaks down to over $397,100 per unit.  […]This article originally appeared on The Real Deal. Click here to read the full story.