BOCA RATON, FL-Archstone just snapped up a252-unit multifamily apartment community in PalmBeach County from AEW Management. Archstone paid about $42 millionfor Vinings at Town Center, which will take on the name ArchstoneBoca Town Center.

The Boca Raton-based ARA sales team ofAvery Klann, Hampton Beebe, andMarc deBaptiste represented AEW Capital Managementin the sale. AEW sold the property on behalf ofone of its institutional clients.

“We continue to be committed to the continual improvement of ourportfolio of apartment communities in the nation’s best cities,”R. Scot Sellers, Archstone’s CEO, said in astatement. “Archstone Boca Town Center will be an excellentaddition to our portfolio and our strategically located communitiesin Southeast Florida.”

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