A $21.2M Deal in Boca Raton: What It Means for the Local Market
Macquarie Capital and Vanderbilt Office Properties have sold a multifamily development site in Boca Raton for .2 million, according to records and real estate database Vizzda.
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Macquarie Capital | Principal Finance and Vanderbilt Office Properties sold a multifamily development site approved for nearly 300 units in Boca Raton for $21.2 million.
NADG, or North American Development Group, bought the 6.8-acre site at 1800 North Military Trail, according to records and real estate database Vizzda. The land shares the same lot as a four-story building and a garage that are part of the Boca Center office campus. Macquarie and Vanderbilt kept the office building and garage.
NADG, which has offices in West Palm Beach and Toronto, Ontario, is a retail, residential and mixed-use investment firm that John W. S. Preston founded in 1977, its website shows. Jeff W. Preston is CEO. The firm has a portfolio consisting of more than $6 billion of assets under management, including roughly 10,000 units and over 19 million square feet of retail and mixed-use space.
The Boca Raton site is proposed for a six-story building with 295 apartments, including 30 units at affordable rents and 15 units at workforce rents, Vizzda data shows. It would have six studios, 134 one-bedroom apartments, 113 two-bedroom apartments and 42 three-bedroom apartments. The height is proposed for 66 feet, which generally would mean a roughly six-story building.
About half the site would be open space.
Macquarie and Vanderbilt bought the majority of Boca Center, including the lot at 1800 North Military Trail, for $261.5 million in 2022. The pair had paid $76.1 million for the 1800 North Military Trail site.
Macquarie is the financing and investment division of Sydney, Australia-based Macquarie Group, led by CEO Shemara Wikramanayake.
Chicago-based Vanderbilt is an office investor led by CEO Casey Wold. It has a portfolio of 13 million square feet, its website shows.
South Florida is experiencing continuing multifamily development, despite a supply overhang due to hefty completions in recent years. Last year, developers finished 18,600 apartments in the tri-county region, outpacing 15,000 net new leases, according to CoStar Group.
The construction spree has raised concerns about a prolonged supply overhang, which could continue downward pressure on rent growth and continuing concessions, experts have said. But developers argue that by the time they finish their buildings, the current supply will be absorbed and demand will be higher.
Also in Boca Raton, Group P6 and Mill Creek Residential plan the 12-story, 306-unit Modera Boca at 400 South Dixie Highway. Arnaud Karsenti’s 13th Floor Investments scored approval in January for the eight-story, 340-unit Boca Village apartment project at 680 West Yamato Road in Boca Raton.
Many developers have seized on the Live Local Act, a state law that rewards developers with property tax breaks if they include below-market rate apartments. The legislation also allows developers to build bigger buildings than permitted by zoning.
In Coral Gables, Shoma Group plans the 16-story, 201-unit Ponce 8 at 3808-3850 Southwest Eighth Street, marking the first known Live Local Act project in the city.
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var(–wp–preset–gradient–midnight) !important;}.has-small-font-size{font-size: var(–wp–preset–font-size–small) !important;}.has-medium-font-size{font-size: var(–wp–preset–font-size–medium) !important;}.has-large-font-size{font-size: var(–wp–preset–font-size–large) !important;}.has-x-large-font-size{font-size: var(–wp–preset–font-size–x-large) !important;}”,”type”:”list”,”__typename”:”StyleItem”}],”post”:{“id”:”cG9zdDo5OTkyMDY=”,”databaseId”:999206,”title”:”Macquarie, Vanderbilt sell Boca Raton dev site planned for 300-unit apartment project for $21M”,”status”:”publish”,”slug”:”macquarie-vanderbilt-sells-boca-raton-rentals-dev-site”,”uri”:”/miami/2025/11/06/macquarie-vanderbilt-sells-boca-raton-rentals-dev-site/”,”link”:”https://therealdeal.com/miami/2025/11/06/macquarie-vanderbilt-sells-boca-raton-rentals-dev-site/”,”dateGmt”:”2025-11-06T22:02:23″,”contentTypeName”:”post”,”contentFiltered”:”u003cpu003eMacquarie Capital | Principal Finance and Vanderbilt Office Properties sold a multifamily development site approved for nearly 300 units in Boca Raton for $21.2 million.u0026nbsp;u003c/pu003enu003cpu003eNADG, or North American Development Group, bought the 6.8-acre site at 1800 North Military Trail, according to records and real estate database Vizzda. The land shares the same lot as a four-story building and a garage that are part of the Boca Center office campus. Macquarie and Vanderbilt kept the office building and garage.u0026nbsp;u003c/pu003enu003cpu003eNADG, which has offices in West Palm Beach and Toronto, Ontario, is a retail, residential and mixed-use investment firm that John W. S. Preston founded in 1977, its website shows. Jeff W. Preston is CEO. The firm has a portfolio consisting of more than $6 billion of assets under management, including roughly 10,000 units and over 19 million square feet of retail and mixed-use space.u0026nbsp;u003c/pu003enu003cpu003eThe Boca Raton site is proposed for a six-story building with 295 apartments, including 30 units at affordable rents and 15 units at workforce rents, Vizzda data shows. It would have six studios, 134 one-bedroom apartments, 113 two-bedroom apartments and 42 three-bedroom apartments. The height is proposed for 66 feet, which generally would mean a roughly six-story building.u0026nbsp;u003c/pu003enu003cpu003eAbout half the site would be open space.u0026nbsp;u003c/pu003enu003cpu003eMacquarie and Vanderbilt bought the majority of u003ca href=”/miami/2025/11/03/macquarie-capital-vanderbilt-ws-development-score-tenants/”u003eBoca Centeru003c/au003e, including the lot at 1800 North Military Trail, for u003ca href=”/miami/2022/04/08/boca-centers-offices-retail-restaurants-trade-for-261-5m/”u003e$261.5 millionu003c/au003e in 2022. The pair had paid $76.1 million for the 1800 North Military Trail site.u0026nbsp;u003c/pu003enu003cpu003eMacquarie is the financing and investment division of Sydney, Australia-based Macquarie Group, led by CEO Shemara Wikramanayake.u0026nbsp;u003c/pu003enu003cpu003eChicago-based Vanderbilt is an office investor led by CEO Casey Wold. It has a portfolio of 13 million square feet, its website shows.u0026nbsp;u003c/pu003enu003cpu003eSouth Florida is experiencing continuing u003ca href=”/miami/2025/10/31/are-developers-overbuilding-apartments-in-south-florida/”u003emultifamilyu003c/au003e development, despite a supply overhang due to hefty completions in recent years. Last year, developers finished u003ca href=”/miami/2025/01/24/after-record-south-florida-rental-completions-lease-ups-slow/”u003e18,600 apartmentsu003c/au003e in the tri-county region, outpacing 15,000 net new leases, according to CoStar Group.u0026nbsp;u003c/pu003enu003cpu003eThe construction spree has raised concerns about a prolonged supply overhang, which could continue downward pressure on rent growth and continuing concessions, experts have said. But developers argue that by the time they finish their buildings, the current supply will be absorbed and demand will be higher.u0026nbsp;u003c/pu003enu003cpu003eAlso in Boca Raton, Group P6 and Mill Creek Residential plan the 12-story, 306-unit u003ca href=”/miami/2025/07/15/group-p6-mill-creek-plan-306-apartments-in-boca-raton/?utm_source=chatgpt.com”u003eModera Bocau003c/au003e at 400 South Dixie Highway. Arnaud Karsenti’s 13th Floor Investments scored approval in January for the eight-story, 340-unit Boca Village apartment project at 680 West Yamato Road in Boca Raton.u0026nbsp;u003c/pu003enu003cpu003eMany developers have seized on the Live Local Act, a state law that rewards developers with property tax breaks if they include below-market rate apartments. The legislation also allows developers to build bigger buildings than permitted by zoning.u0026nbsp;u003c/pu003enu003cpu003eIn Coral Gables, Shoma Group plans the 16-story, 201-unit u003ca href=”/miami/2025/08/12/shoma-group-proposes-live-local-act-project-in-coral-gables/”u003ePonce 8u003c/au003e at 3808-3850 Southwest Eighth Street, marking the first known Live Local Act project in the city.u0026nbsp;u003c/pu003enu003csection class=”ReadMoreSection_root”u003entu003ch4 class=”ReadMoreSection_title”u003eRead moreu003c/h4u003enttttttttu003ca class=”BlogrollPost” href=”/miami/2025/08/13/why-developers-are-selling-south-florida-multifamily-sites/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”200″ height=”125″ src=”https://static.therealdeal.com/wp-content/uploads/2025/08/MIA-The-world-turned-Why-developers-are-selling-South-Florida-multifamily-sites-MAIN-200×125.jpg” class=”FeaturedImage_image wp-post-image” alt=”” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttDevelopmentttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003e“The world turned”: Why developers are selling South Florida multifamily sites u003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttttu003ca class=”BlogrollPost” href=”/miami/2025/06/12/boca-raton-approves-289-unit-mixed-income-apartment-project/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”200″ height=”142″ src=”https://static.therealdeal.com/wp-content/uploads/2025/06/Boca-Raton-Approves-289-unit-Mixed-Income-Apartment-Project_FT-Thumbnail-200×142.jpg” class=”FeaturedImage_image wp-post-image” alt=”Boca Raton Approves 289-unit Mixed-Income Apartment Project” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttDevelopmentttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003eBoca Raton approves 289-unit mixed-income apartment projectu003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttu003c/sectionu003enntt”,”noAds”:false,”alternativeHeadline”:{“subheadline”:”Sellers retained adjacent four-story office building”,”__typename”:”AlternativeHeadline”},”updatedPost”:{“updated”:false,”date”:”2025-11-06T22:07:00+00:00″,”__typename”:”UpdatedPost”},”aiSummary”:{“summary”:null,”reviewed”:false,”disabled”:false,”autoGenerate”:false,”__typename”:”AISummary”},”audioArticleSettings”:{“audioUrl”:”https://eleven-public-cdn.elevenlabs.io/audio-native/a24c95b71e45d877e2798ceb32ef0ff8b1d79dced18bffc58f5b3a0c6e8468ac/Y3Y7hi0Y8isCQa5qdZKA/Y3Y7hi0Y8isCQa5qdZKA.mp3″,”__typename”:”AudioArticleSettings”},”mainArt”:{“mediaType”:”image”,”image”:{“node”:{“sourceUrl”:”/wp-content/uploads/2025/11/MIA_Boca-Deal-1400×933.jpg”,”srcSet”:”/wp-content/uploads/2025/11/MIA_Boca-Deal-1400×933.jpg 1400w, /wp-content/uploads/2025/11/MIA_Boca-Deal-300×200.jpg 300w, /wp-content/uploads/2025/11/MIA_Boca-Deal-700×467.jpg 700w, /wp-content/uploads/2025/11/MIA_Boca-Deal-200×133.jpg 200w, /wp-content/uploads/2025/11/MIA_Boca-Deal-768×512.jpg 768w, /wp-content/uploads/2025/11/MIA_Boca-Deal-1024×683.jpg 1024w, /wp-content/uploads/2025/11/MIA_Boca-Deal-50×33.jpg 50w, /wp-content/uploads/2025/11/MIA_Boca-Deal.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eNADG’s Jeff W. Preston and sellers Vanderbilt Office Properties’ Casey Wold and Macquarie Capitau0026#8230;u003c/pu003en”,”altText”:”NADG’s Jeff W. Preston and sellers Vanderbilt Office Properties’ Casey Wold and Macquarie Capital’s Shemara Wikramanayake with 1800 North Military Trail in Boca Raton”,”__typename”:”MediaItem”},”__typename”:”AcfMediaItemConnectionEdge”},”video”:null,”caption”:”NADG’s Jeff W. Preston and sellers Vanderbilt Office Properties’ Casey Wold and Macquarie Capital’s Shemara Wikramanayake with 1800 North Military Trail in Boca Raton (Getty, Google Maps, Macquarie Capital, Vanderbilt Office Properties, NADG)”,”__typename”:”MainArt”},”featuredImage”:{“node”:{“sourceUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Boca-Deal-1400×933.jpg”,”srcSet”:”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Boca-Deal-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Boca-Deal-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Boca-Deal-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Boca-Deal-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Boca-Deal-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Boca-Deal-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Boca-Deal-50×33.jpg 50w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Boca-Deal.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eNADG’s Jeff W. Preston and sellers Vanderbilt Office Properties’ Casey Wold and Macquarie Capitau0026#8230;u003c/pu003en”,”altText”:”NADG’s Jeff W. Preston and sellers Vanderbilt Office Properties’ Casey Wold and Macquarie Capital’s Shemara Wikramanayake with 1800 North Military Trail in Boca Raton”,”mediaDetails”:{“sizes”:[{“width”:”1400″,”height”:”933″,”__typename”:”MediaSize”}],”__typename”:”MediaDetails”},”__typename”:”MediaItem”},”__typename”:”NodeWithFeaturedImageToMediaItemConnectionEdge”},”__typename”:”Post”,”template”:{“templateValue”:”right-rail”,”__typename”:”DefaultTemplate”},”seo”:{“title”:”Macquarie, Vanderbilt Sells Boca Raton Rentals Dev Site”,”fullHead”:”u003c!– This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.1.1) – https://yoast.com/wordpress/plugins/seo/ –u003enu003cmeta name=”description” content=”Macquarie Capital and Vanderbilt Office Properties sold a Boca Raton development site planned for 300 apartments for $21.2 million. ” /u003enu003cmeta name=”robots” content=”index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1″ /u003enu003clink rel=”canonical” href=”https://therealdeal.com/miami/2025/11/06/macquarie-vanderbilt-sells-boca-raton-rentals-dev-site/” /u003enu003cmeta property=”og:locale” content=”en_US” /u003enu003cmeta property=”og:type” content=”article” /u003enu003cmeta property=”og:title” content=”Macquarie, Vanderbilt sell Boca Raton dev site planned for 300-unit apartment project for $21M” /u003enu003cmeta property=”og:description” content=”Macquarie Capital and Vanderbilt Office Properties sold a Boca Raton development site planned for 300 apartments for $21.2 million. ” /u003enu003cmeta property=”og:url” content=”https://therealdeal.com/miami/2025/11/06/macquarie-vanderbilt-sells-boca-raton-rentals-dev-site/” /u003enu003cmeta property=”og:site_name” content=”The Real Deal” /u003enu003cmeta property=”article:publisher” content=”https://www.facebook.com/therealdealmedia/” /u003enu003cmeta property=”article:published_time” content=”2025-11-06T22:02:23+00:00″ /u003enu003cmeta property=”article:modified_time” content=”2025-11-06T22:02:39+00:00″ /u003enu003cmeta property=”og:image” content=”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Boca-Deal.jpg” /u003entu003cmeta property=”og:image:width” content=”1500″ /u003entu003cmeta property=”og:image:height” content=”1000″ /u003entu003cmeta property=”og:image:type” content=”image/jpeg” /u003enu003cmeta name=”author” content=”Lidia Dinkova” /u003enu003cmeta name=”twitter:card” content=”summary_large_image” /u003enu003cmeta name=”twitter:description” content=”Macquarie Capital | Principal Finance and Vanderbilt Office Properties sold a multifamily development site approved for nearly 300 units in Boca Raton for $21.2 million.u0026nbsp; NADG, or North American Development Group, bought the 6.8-acre site at 1800 North Military Trail, according to records and real estate database Vizzda. The land shares the same lot as a four-story building and a garage that are part of the Boca Center office campus. Macquarie and Vanderbilt kept the office building and garage.u0026nbsp; NADG, which has offices in West Palm Beach and Toronto, Ontario, is a retail, residential and mixed-use investment firm that John [u0026hellip;]” /u003enu003cmeta name=”twitter:creator” content=”@trdny” /u003enu003cmeta name=”twitter:site” content=”@trdny” /u003enu003cmeta name=”twitter:label1″ content=”Written by” /u003entu003cmeta name=”twitter:data1″ content=”Steven Dilakian” /u003entu003cmeta name=”twitter:label2″ content=”Est. reading time” /u003entu003cmeta name=”twitter:data2″ content=”3 minutes” /u003enu003cscript type=”application/ld+json” class=”yoast-schema-graph”u003e{“@context”:”https://schema.org”,”@graph”:[{“@type”:”NewsArticle”,”@id”:”https://therealdeal.com/miami/2025/11/06/macquarie-vanderbilt-sells-boca-raton-rentals-dev-site/#article”,”isPartOf”:{“@id”:”https://therealdeal.com/miami/2025/11/06/macquarie-vanderbilt-sells-boca-raton-rentals-dev-site/”},”author”:[{“@type”:”Person”,”@id”:”https://therealdeal.com/#/schema/person/59ad643e34e525ba44cf385eb480dc46″,”name”:”Lidia Dinkova”,”image”:{“@type”:”ImageObject”,”url”:”https://secure.gravatar.com/avatar/8f50db554f29c280c6279bd8cbf09aa15dd40cda5b5963c6a80232b86912c185?s=96u0026#038;d=mmu0026#038;r=g”},”description”:”Lidia Dinkova covers South Florida real estate for The Real Deal. You can reach her at (305) 308-2425 or [email protected].”,”sameAs”:[“https://x.com/LidiaDinkova”],”url”:”https://therealdeal.com/author/lidia-dinkova/”}],”headline”:”Macquarie, Vanderbilt sell Boca Raton dev site planned for 300-unit apartment project for $21M”,”datePublished”:”2025-11-06T22:02:23+00:00″,”dateModified”:”2025-11-06T22:02:39+00:00″,”mainEntityOfPage”:{“@id”:”https://therealdeal.com/miami/2025/11/06/macquarie-vanderbilt-sells-boca-raton-rentals-dev-site/”},”wordCount”:482,”publisher”:{“@id”:”https://therealdeal.com/#organization”},”image”:[{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Boca-Deal-300×200.jpg”,”width”:300,”height”:200,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA_Boca-Deal-300×200.jpg”,”caption”:”NADG’s Jeff W. 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Miami market relevance
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The sale of the 6.8-acre site at 1800 North Military Trail, which includes a four-story building and a garage, marks a significant deal in the local market.
Macquarie and Vanderbilt kept the office building and garage as part of the transaction.
FAQ: Macquarie Vanderbilt Sells Boca
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