The 360-unit Arbor Oaks apartment complex in West Boca sold for $77 million to a California-based company.
Arbor Oaks Apartments, an affiliate of Houston-based LSR Communities, sold the garden-style apartment complex at 9703 Arbor Oaks Court – just off U.S. 441 – to Arbor Oaks Apartments Property Owner, an affiliate of Los Angeles-based JRK Property Holdings. Berkadia Commercial Mortgage provided a $58.6 million loan to the buyer.
The price equates to $213,889 per unit. It last traded for $39.15 million in 2009.
The 447,507-square-foot complex was built on the 5.2-acre site in 1995. It includes a 5.2-acre lake, a clubhouse, a pool, a fitness center, a playground, and tennis and racquetball courts.
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Written by Brian Bandell, senior reporter, South Florida Business Journal | Released May 17, 2016