Luxury Florida Community Sells for $77M
- Jun 23, 2016
Boca Raton, Fla.—Marcus & Millichap announced that its Institutional Property Advisors (IPA) division sold Arbor Oaks Apartments in Boca Raton for $77 million. The 360-unit luxury multifamily community was purchased by JRK Property Holdings from Group LSR, according to the Yardi Matrix residential report. Steve Witten, Still Hunter III and Victor Nolletti, executive directors of IPA’s Northeast and Florida team, represented the seller and procured the buyer. The sale was subject to a $58.6 million loan held by Fannie Mae.
“Built in 1995 by Altman Development Corp., Arbor Oaks has a market-leading amenity package, an ideal site layout and outstanding design features that maximize lake views,” Steve Witten said.
Arbor Oaks Apartments is a gated community featuring 18 residential buildings that consist of a mix of one-, two- and three-bedroom apartments, including flats and townhomes. As illustrated by Yardi Matrix, average monthly rent is above $1,500. Common amenities include controlled access, a clubhouse, a fitness center, a business center, swimming pool, spa, tennis and volleyball courts.
“The community has a density of less than 14 units per acre, which gives it an inviting, neighborhood feel. Prohibitive land costs and lack of available sites make it impossible to duplicate,” said Still Hunter.
The property is conveniently located within a mile of about 1.8 million square feet of retail space and 20 restaurants, with West Boca Medical Center directly across the street. Florida Atlantic University is within six miles from Arbor Oaks Apartments.
Image courtesy of Yardi Matrix