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DELRAY BEACH, FLA. — ARA has arranged the sale of a two-property multifamily portfolio, located in Delray Beach. The properties include the 149-unit The Fountains at Delray Beach, located at 14401 S. Military Trl., and the 148-unit Water's Edge, located at 500 N. Congress. Each property is currently 94.6 percent leased. Avery Klann, Hampton Beebe and Marc deBaptiste of ARA's Boca Raton, Fla., office represented the seller, Irving, Texas-based Archon Group, in the transaction. The buyer was Acumen Real Estate.