FAIRFIELD RESIDENTIAL BUYS APT. PROPERTY IN DELRAY BEACH FOR $69.1M

DELRAY BEACH, FLA. — Fairfield Residential has acquired Spring Harbor at the Landing, a 488-unit garden apartment community in Delray Beach, for $69.1 million. The property features and average unit size of 1,191 square feet in eight floor plans, 57 percent of which are two bedrooms and 37 percent three bedrooms. The property is near local and regional employment centers, including the Boca Raton office market, which comprises more than 11 million square feet of office space. Spring Harbor is 97 percent occupied. Avery Klann and Richard Donellan of ARA represented the seller, Invesco Real Estate, in the transaction.