June 27, 2016
Marcus & Millichap’s Institutional Property Advisors (IPA) brokered the sale of the 360-unit Arbor Oaks Apartments in Boca Raton. JRK Property Holdings acquired the property from Group LSR for $77 million. IPA’s Steve Witten, Still Hunter III and Victor Nolletti represented the seller and found the buyer.
Located at 9817 Arbor Oaks Lane, Arbor Oaks was built by Altman Development Corp. in 1995. It is a gated community offering a mix of one-, two- and three-bedroom apartments, as well as flats and townhomes. Average monthly rent is higher than $1,500.
“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,” IPA’s Hunter said .