Boca Raton, FL – A Montreal-based real estate partnership has purchased three small multi-family communities: The Dunes of Boca Apartments, Crown Court Apartments and the Carriage Walk Townhomes. Encompassing a total of 110 units, the $10 million sale closed in late May 2010.
The properties will be managed by LSR Florida, a division of Group LSR, a residential management and development company also based in Montreal. This is the second acquisition in Florida managed by LSR. In May of 2009, the Arbor Oaks Apartments were purchased by LSR with another Canadian real estate group. “This new acquisition provides a great opportunity for us to expand our business in South Florida” says Ben Lemieux, President of Group LSR.
Dunes of Boca, Crown Court and Carriage Walk are all situated in prime areas in Boca Raton. Crown Court and Carriage Walk are located east of I-95 off of Glades Road in a residential area just a mile from Florida Atlantic University. The Dunes of Boca Apartments sit off Lyons Road, adjacent to the Boca Dunes Golf and Country Club. Many apartments in this community have fairway views of the golf course.
With 36 units each at Crown Court and Dunes of Boca, and 38 units at Carriage Walk Townhomes, these intimate communities offer two and three bedroom plans that range in price from $1100 to $1500/month. Current occupancy is 95%.