Byron Trott, Michael Dell’s Bank Taps Elliman for Boca Condos

BDT & MSD Partners is moving forward with the Residences at Boca Raton, a planned luxury condo development that will be built on the site of the Boca Raton Club.

Renderings of the Residences at Boca Raton

The developer hired Douglas Elliman to lead sales and marketing of the eight-story, 75-unit building that will rise on the 5-plus-acre site at 501 East Camino Real, The Real Deal has learned. Top Elliman agent Senada Adžem will lead sales alongside agents Zaicha Martell-Spodak, Claudia Fisher and Christopher Austad, according to a press release.

The condos will range from two bedrooms to five bedrooms, and be priced starting at $5 million, with penthouses starting at $15 million. They will have a golf course and ocean views.

In March, Boca Raton’s city council voted unanimously to approve a change in land use that allows BDT & MSD, a private bank, to build the project. The developer tapped New York-based architecture firm Hart Howarton, led by Jim Tinson, to design the complex. Howarton also designed the Yellowstone Club and Naples Beach Club.

The planned condos will span a 5.2-acre site within the Boca Raton resort.

Buyers will have access to the Boca Raton Club. The original hotel, built in 1926, was designed by celebrated Palm Beach County architect Addison Mizner. The resort spans 337 acres, with more than 1,000 hotel rooms, 200,000 square feet of meeting space, two 18-hole golf courses, a 32-slip marina, a beach club, tennis and pickleball courts and 20 restaurants, bars and cafes.

Since its merger in 2023, BDT & MSD has invested heavily in the luxury hospitality sector. The bank is the result of a merger between Byron Trott’s BDT & Company and Michael Dell’s private investment firm MSD Partners. Dell is the founder of Dell Technologies and has a net worth of $183 billion, according to Forbes.

BDT & MSD bought the resort from Blackstone for $875 million in 2019, and has since invested $375 million in renovating the century-old resort, according to a spokesperson. In 2024, BDT & MSD landed a $1 billion refinancing for the resort, citing a 51 percent increase in revenue per room in a five year period.

Boca is in the midst of a renaissance, and ultra high-net worth individuals are setting records in the Palm Beach County city. The sale of a spec mansion inside of Boca Raton’s gated Royal Palm Yacht & Country Club, asking $80 million, is expected to close soon and will set a record for residential sales in the neighborhood and all of Boca Raton.