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. 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. 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…