Vinings at Town Center Sells for $42M

Archstone acquired the Vinings at Town Center at 5881 Town Bay Drive in Boca Raton, FL for $ 42 million, or about $ 167,000 per unit, from AEW Capital Management LP.

The property is a 252-unit apartment community that totals 280,200 square feet on 12.3 acres. The buildings were constructed in 1988. Unit mix includes 48 one-bedroom, 156 two-bedroom, and 48 three-bedroom units that range from 650 to 1,450 square feet.

The buyer will rename the…
South Florida Commercial Real Estate News From CoStar Group