Archstone Nabs $20M Boca Raton Site For Luxe Rentals

Law360, New York (April 11, 2012, 6:02 PM EDT) -- Apartment investor Archstone has scooped up a 5.78-acre development site in Boca Raton, Fla., for $20.1 million and plans to build a luxury rental community with retail spaces, broker CBRE Group announced Wednesday.

Slating construction to start at the beginning of 2013, Archstone said it plans to build a 378-unit apartment community with 13,448 square feet of retail space on the parcel. Dubbed Palmetto Park development, the project will contain 25 rental townhomes along Boca Raton Road, with the remaining apartments sited in three buildings along...
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