BOCA RATON, FL - Archstone, a leader in apartment investment and operations, today announced the acquisition by an Archstone sponsored partnership of Vinings at Town Center, a 252-unit apartment community in Palm Beach County, from AEW Capital Management. The community was acquired for a purchase price of approximately $42 million and will be renamed Archstone Boca Town Center.
"We continue to be committed to the continual improvement of our portfolio of apartment communities in the nation’s best cities,” said R. Scot Sellers, Archstone’s chief executive officer. “Archstone Boca Town Center will be an excellent addition to our portfolio and our strategically located communities in Southeast Florida.”
Archstone Boca Town Center is adjacent to the Town Center at Boca Raton, which features more than 220 upscale retailers and restaurants. Nordstrom, Neiman Marcus, Bloomingdale’s and Saks Fifth Avenue anchor the 1.75-million-square-foot mall. In addition, the mall showcases a number of well-known dining options, including Grand Lux Café, Legal Sea Foods and The Capital Grille.
Nearby entertainment destinations include the Boca Raton Resort and Club, Mizner Park, Cinemark Palace 20, Boomers and the Morikami Museum and Japanese Gardens. That’s not to mention the great Florida beaches that are less than four miles from the community.
Archstone Boca Town Center offers easy access to a host of major employers in several large office parks, including Arvida Park of Commerce and Boca Corporate Center & Campus. The site is also a short drive to Office Depot’s new global headquarters.
“Archstone Boca Town Center is located in a highly desirable upscale neighborhood with expensive single family homes and limited land available for new residential development, which is very consistent with our investment strategy,” said Charles E. Mueller Jr., Archstone’s chief operating officer. “Our operating team in Southeast Florida is looking forward to producing very strong results at this fantastic community.”
The community currently offers several amenities including a 24-hour fitness center, clubhouse, tennis court, resort-style pool and picnic area with barbecue grills. Among the features inside the Boca Raton apartments are washers and dryers, walk-in closets and private balconies and patios. Select units feature vaulted ceilings and lake views.
The Boca Raton-based ARA sales team of Principal, Avery Klann; Senior Vice President Hampton Beebe, and Principal Marc deBaptiste represented AEW Capital Management in the sale. AEW sold the property on behalf of one of its institutional clients.
“Multifamily investment in Boca Raton continues to be extremely attractive,” said Avery Klann, lead broker on the transaction. “Archstone Boca Town Center has been institutionally owned for more than 23 years, which has helped the property maintain stabilized long-term occupancy and premium rental rates.”
Archstone is a recognized leader in apartment investment and operations. The company's portfolio is concentrated in many of the most desirable neighborhoods in and around Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. Archstone strives to provide great apartment rentals and great service to its customers—backed by service guarantees. As of September 30, 2011, the company owned or had an ownership position in 428 communities located in the United States and Europe, representing 73,955 units, including units under construction.