Archstone Snags Fla. Luxury Apartment Complex For $42M

Law360, New York (December 20, 2011, 7:01 PM EST) -- Apartment investor Archstone bolstered its portfolio of luxury communities with the purchase of a $42 million Florida complex from an undisclosed institutional investor, the buyer announced Tuesday.

The sale of the Boca Raton, Fla., complex was overseen by its management company. Details of the deal were not immediately available, but Archstone did seek financing for the purchase, according to a company spokesman.

As part of the agreement, the 252-unit apartment community, formerly known as Vinings at Town Center, will be renamed Archstone Boca Town Center, the...
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