Archstone Starts Construction on 268-Unit Community

Archstone Starts Construction on 268-Unit Community

ROYAL PALM BEACH, FL - Archstone, a leader in apartment investment and operations, today announced the start of construction on a new apartment community in Royal Palm Beach, Fla., in a joint venture with FUTURA Acquisitions Group, LLC. 

The project, currently known as the Enclave at Wellington, will feature 268 apartment homes located at the corner of Highway 441 and Anthony Groves Road, adjacent to the Anthony Groves Plaza shopping center. The luxury apartment community will provide direct access to the highway and reflect Royal Palm Beach’s commitment to open space with a recreational trail with fitness stations encompassed by a new park and lakefront, dog park and substantial green spaces.

“The Enclave at Wellington will offer the kind of living experience that working professionals in Royal Palm Beach and Wellington aspire to,” said Jay Curran, Archstone’s vice president of development for Southeast Florida. “Residents will enjoy well-appointed apartments, state-of-the-art amenities and an abundance of quality-of-life enhancing green space, while also being within blocks of some of the best shopping, dining and entertainment destinations in the market.”

Royal Palm Beach, which is currently home to more than 34,000 people, has set a standard to have at least 10 acres of park land per 1,000 residents. The development site will reflect that standard and offer easy access to several of those nearby parks, including Okeeheelee Park, a 1,700-acre facility with the Pooch Pines dog park, a world-class equestrian center, a 27-hole golf course and much more.

In addition, the site is just a short drive from great shopping, dining and entertainment options in Wellington. The Mall at Wellington Green is less than a mile and a half south of the site and features numerous well-known retailers, like Nordstrom, Ann Taylor and Apple. Known as an international destination for equestrian and polo training, Wellington is also home to the U.S. Open Polo Championships and many other major polo and equestrian events.

“The Enclave at Wellington is located in a neighborhood that is consistent with our investment strategy – it’s a highly desirable place to live, it has limited land on which to build new housing and it has a strong, diversified economy,” said Neil Brown, Archstone’s chief development officer. “We’re pleased to be working with Florida-based FUTURA to develop a quality apartment community that should provide an outstanding addition to the neighborhood and for our future residents.”

The Royal Palm Beach apartments will be a short drive from a number of major employment centers in West Palm Beach as well as the nearby Wellington Regional Medical Center, which is currently finishing up a $50 million expansion.

Bank of the Ozarks is providing the construction financing for the development. HFF, L.P. served as financial advisor in the transaction and secured the construction financing for the joint-venture. ARA brokered the joint-venture transaction between the two development partners.

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 March 31, 2012, the company owned or had an ownership position in 434 communities located in the United States and Europe, representing 73,135 units, including units under construction.

Source: Archstone / #Multifamily #Apartments

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