Key Takeaways
- • Property Reserve, the investment arm of The Church of Jesus Christ of Latter-day Saints, acquired a 384-unit apartment complex in Boca Raton, Florida for $152.5 million in August 2025, translating to approximately $397,135 per unit.
- • The Del Ola apartments acquisition represents a significant expansion of the LDS church's multifamily real estate portfolio in South Florida, following a pattern of institutional capital deployment into residential assets.
- • The purchase was executed from Clarion and Cortland, established multifamily operators, indicating institutional-grade asset sourcing and competitive capital deployment in the South Florida residential market.
- • The church's investment strategy reflects broader institutional investor interest in Florida's rental housing market during 2025, with multiple acquisitions executed throughout the year in the region.
Summary
Property Reserve, the for-profit investment arm of The Church of Jesus Christ of Latter-day Saints, completed the acquisition of the Del Ola apartment complex in Boca Raton, Florida for $152.5 million in August 2025. The asset comprises 384 units and was purchased from established multifamily developers Clarion and Cortland, representing a per-unit acquisition cost of approximately $397,135. This transaction reflects the church's strategic expansion into Florida's residential real estate market.
The acquisition is consistent with broader institutional capital deployment by the LDS church's investment entities in South Florida multifamily assets. During the same period, Property Reserve executed multiple apartment purchases in the region, including a $133 million acquisition of a newly constructed rental building in Plantation, Florida and a $102 million purchase of an apartment complex near Wellington. These transactions collectively demonstrate a focused investment thesis targeting South Florida's rental housing sector during 2025.
The Del Ola acquisition from Clarion and Cortland underscores institutional appetite for stabilized multifamily assets in coastal Florida markets. Property Reserve's involvement in these transactions positions the LDS church among significant institutional real estate investors, alongside traditional pension funds, REITs, and other alternative asset managers. The timing and scale of these acquisitions during 2025 align with broader institutional investor activity in multifamily residential properties, particularly in markets with sustained rental demand and demographic tailwinds.
The acquisition is consistent with broader institutional capital deployment by the LDS church's investment entities in South Florida multifamily assets. During the same period, Property Reserve executed multiple apartment purchases in the region, including a $133 million acquisition of a newly constructed rental building in Plantation, Florida and a $102 million purchase of an apartment complex near Wellington. These transactions collectively demonstrate a focused investment thesis targeting South Florida's rental housing sector during 2025.
The Del Ola acquisition from Clarion and Cortland underscores institutional appetite for stabilized multifamily assets in coastal Florida markets. Property Reserve's involvement in these transactions positions the LDS church among significant institutional real estate investors, alongside traditional pension funds, REITs, and other alternative asset managers. The timing and scale of these acquisitions during 2025 align with broader institutional investor activity in multifamily residential properties, particularly in markets with sustained rental demand and demographic tailwinds.
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