ARCHSTONE ACQUIRES VININGS AT TOWN CENTER FOR $42M

BOCA RATON, FLA. — Archstone has purchased the 252-unit Vinings at Town Center, an apartment community located at 5881 Town Bay Dr. in Boca Raton, from AEW Capital Management for $42 million. The buyer plans to renovate the amenities and units during the next year, and the property will be renamed Archstone Boca Town Center. Avery Klann, Hampton Beebe and Marc deBaptiste of ARA's Boca Raton office represented the seller in the transaction.