The LDS Church's real estate arm purchased a South Bay apartment complex for $87 million in an all-cash transaction, highlighting the institution's growing role as a major housing developer. The Salt Lake Tribune reported that the church conducts real estate acquisitions without financing, paying cash for properties.

The purchase is part of a broader pattern documented in recent reporting showing the church has become one of the largest private landowners in Florida and a significant real estate investor across multiple states. The church's property holdings extend far beyond meetinghouses and temples to include substantial commercial and residential real estate portfolios.

Critics question whether tax-exempt religious donations should fund large-scale for-profit real estate development, while church officials maintain the investments support the institution's long-term financial stability and mission.