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BOCA RATON, FL-The Arbor Oaks at Boca Raton, a 360-unit apartment community, has been sold to a private Canadian investor. The owner, an unnamed institutional investor, divested of the holding for $40 million.

Altanta-based Apartment Realty Advisors’ Avery Klann, Hampton Beebe and Richard Donnellan represented the seller in the transaction.

“The combined innovative design, quality of construction and extensive amenities of Arbor Oaks provide exceptional value for the undisclosed, private Canadian-based buyer who purchased the deal for $40 million,” Klann says. “As a newcomer to this market, they plan to take advantage of the interior and exterior ‘value-add’ opportunities and benefit from increasing premium rental rates as a result.”

The class A apartment community, located at 9817 Arbor Oaks, is 91% occupied. The asset it made up of 18 two- and three-story buildings. Amenities include ceramic tile floors, screened patios, a gated entry, business center, spa, fitness center, swimming pool, tennis and basketball courts and picnic areas.

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