BOCA RATON, FL – Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Arbor Oaks Apartments, a 360-unit luxury multifamily community in Boca Raton. The $77 million sales price equates to nearly $214,000 per unit.

“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,” says Steve Witten, an executive director of IPA’s Northeast and Florida team.

“Multifamily properties in Boca Raton’s rental market with extensively updated interiors are in high demand,” adds Still Hunter III, an executive director of IPA’s Northeast and Florida team. “The prior owner of Arbor Oaks Apartments updated many units at various levels, and the new owner has a fantastic opportunity to enhance value by continuing to improve the updated units and bring the remaining apartments to a high standard.”

Hunter, Witten and Victor Nolletti, also an IPA executive director, represented the seller and procured the buyer.

“The community has a density of less than 14 units per acre, which gives it an inviting, neighborhood feel,” said Hunter. “Prohibitive land costs and lack of available sites make it impossible to duplicate.”

Arbor Oaks Apartments is a gated community with 18 residential buildings and a clubhouse that surround a lake. The property features a mix of one-, two- and three-bedroom apartments, including flats and townhomes. The average unit size is 1,105 square feet.

With frontage on U.S. 441, the property is located at 9817 Arbor Oaks Lane in the western part of Boca Raton. There is about 1.8 million square feet of retail space and 20 restaurants within a mile of the community. The West Boca Medical Center is directly across the street and Florida Atlantic University is within six miles.

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JACKSONVILLE, FL – Vestcor announced that Lofts at LaVilla has received final approval from the Downtown Development Review Board. A combination of funding from Florida Housing Finance Corporation tax-credits, the Downtown Investment Authority and Jacksonville Housing Finance Authority has enabled Vestcor to develop this affordable housing community in downtown Jacksonville.

This uniquely urban community will be located at the corner of West Bay and Lee Streets, across from the Prime Osborn Convention Center. The five tale, 130-unit community will consist of 11 studios, 56 1-bedroom, 60 2-bedroom and 3 3-bedroom apartments. This affordable community is for those who make less than 60% of the area median income. Community features will include a fitness center, resident lounge, internet café and club room.

“We are excited for the opportunity to develop an apartment community in the LaVilla area of downtown Jacksonville”, said Vestcor Chairman John Rood. “This is a unique area of Jacksonville and we are proud to provide affordable housing for those who want to delight in the urban experience of living downtown.”

Group 4 Design, Inc. and Summit Contracting Group, Inc., both Jacksonville-based are architect and general contractor respectively for the development. Construction is expected to start in August and be completed in the Fall of 2017.

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