By Will Soutter
Archstone, a company specializing in apartment investment and operations, has declared that it has begun the construction of a new apartment community in Royal Palm Beach, Florida, in a joint venture with FUTURA Acquisitions Group.
This project is named as “The Enclave at Wellington”, and consists of 268 apartment homes situated at the corner of Highway 441 and Anthony Groves Road.
The community will provide easy access to the highway, highlighting Royal Palm Beach’s dedication to open space that includes a recreational trail with fitness stations covered with a dog park, new park and lakefront, and green spaces.
Jay Curran, Archstone’s Vice President of Development for Southeast Florida, stated that the Enclave is designed to provide all kinds of living experience that working professionals in Wellington and Royal Palm Beach seek. The apartment community will feature new sophisticated amenities, apartments and quality-of-life enhancing green space. Residents will enjoy being within blocks of premium dining, shopping and entertainment destinations.
The company has decided to build 10 ac of park land per 1,000 residents in Royal Palm Beach. The site will provide easy access to Okeeheelee Park, a world-class equestrian center, 1,700-ac facility with the Pooch Pines dog park, and a 27-hole golf course.
The site is near to the dining, shopping and entertainment areas in Wellington, and also close to the Mall at Wellington Green. The apartment will also be close to many employment centers and Wellington Regional Medical Center.
Neil Brown, Chief Development Officer at Archstone, stated that the Enclave is situated in a neighborhood, which is consistent with the company’s investment strategy. He further added that they are happy to work with Florida-based FUTURA company to construct the apartment community.
The finance for constructing the apartment community will be funded by the Ozarks Bank. HFF, L.P. secured the construction financing for the joint-venture and also served as financial advisor in the transaction. The joint-venture transaction between the two development parties has been brokered by ARA.