The Church of Jesus Christ of Latter-day Saints (LDS Church) has been making significant investments in real estate, particularly in the South Florida multifamily market. Its investment arm, Property Reserve, recently paid $240 million for the Uptown Boca Villas complex in Boca Raton, one of the most expensive multifamily deals in the region this year. This complex, consisting of 456 units across seven buildings, was completed in 2020. This acquisition follows other substantial investments in the area.
Over the past two years, the LDS Church has acquired several other major properties in South Florida. Last year, an affiliate purchased the 384-unit Del Ola apartment complex in Boca Raton for $152.5 million. Other notable acquisitions include the 315-unit Plantation apartment building for $133 million in 2024, and a 284-unit Wellington apartment complex for $102.4 million in the previous year. Additionally, the church’s investment in industrial properties includes the Beacon Logistics Park in Hialeah, with purchases totaling approximately $174.3 million for several buildings and $55.8 million for another warehouse.
The church's real estate investment activities extend beyond multifamily and industrial properties. In 2024, Farmland Reserve Inc., another investment arm, expanded its agricultural holdings by acquiring 46 farms across eight states for $289 million. These extensive real estate holdings, reportedly worth billions, have drawn criticism, especially given the church's tithing requirements for members and the limited public disclosure requirements for religious institutions. In 2023, the LDS Church and its investment manager, Ensign Peak Advisors, settled with the Securities and Exchange Commission for a combined $5 million over claims that the church used multiple LLCs to obscure its real estate portfolio, neither admitting nor denying wrongdoing.
