Boca Raton, Florida, June 1, 2009 – A division of Group LSR has purchased the Arbor Oaks Apartments, a 360-unit luxury garden apartment community located in exclusive Boca
Raton, Palm Beach County, Florida. The purchase price was $40M.
The Arbor Oaks Apartments reside in an exceptional location in Boca Raton. Adjacent to the West Boca Medical Center, and a short distance from major highways and the employment centers of West Palm Beach, and Fort Lauderdale, the property is also just a half-hour drive from West Palm Beach. Florida Atlantic University and Lynn University are also nearby. The area around Arbor Oaks offers abundant shopping centers, restaurants, businesses, and country clubs.
The Arbor Oaks community exemplifies the resort lifestyle that Floridians desire. Situated on 32 acres, the community surrounds a man-made lake and offers amenities that include a luxurious 6,500-square-foot clubhouse with media and business centers, spa, pool, tennis court, indoor racquetball court, fitness center, playground, and barbecue/picnic area. In addition, the community provides gated-access and some private garages for residents. Spacious one, two and three-bedroom flats and town homes are available. For more information, visit HYPERLINK http://www.ArborOaksAtBocaRaton.com www.ArborOaksAtBocaRaton.com.
The purchase of Arbor Oaks represents a first acquisition for Group LSR in the Florida real estate market as explained by Ben Lemieux, Executive Vice President. “We are very enthusiastic about this acquisition and look forward to using our expertise in property management and re-development to make Arbor Oaks a premiere living environment. We believe that thanks to strong income characteristics, job opportunities, high quality of life, and strong population growth in this market, coupled with stable single-family home prices, provides an excellent long term investment for multi-family rental communities”.
Recognizing the trend of persons who vacation in South Florida in the winter months who desire a resort-style living environment, Group LSR will make available some furnished units on a short-term lease.
Group LSR, a Montreal-based multi-family real estate development and management company has operations in Canada and the USA, and is celebrating its 40th anniversary in business this year. For more information, visit HYPERLINK http://www.lsrhouston.net www.lsrhouston.net.