An affiliate of Los Angeles-based JRK Property Holdings has bought a Palm Beach County apartment complex for $77 million. The 360-unit Arbor Oaks, located at at 9703 Arbor Oaks Court in West Boca, was built in 1995 and traded for just under $213,890 per unit. Built on a 5.2 acres site, the property features a 5 acre lake, clubhouse, pool, fitness center, and tennis and racquetball courts. The seller, Houston-based LSR Communities, bought the asset in 2009 for $39.15 million. The deal was completed with a $58.6 million mortgage provided by Berkadia Commercial Mortgage.
