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Arroyo Capital pays $40M for Boca Raton dev site
Irvine, California-based land banking firm has an option agreement to sell 38-acre assemblage to Toll Brothers, which is planning 70 homes
Arroyo Capital paid $40 million for 37 acres in Boca Raton, where Toll Brothers is proposing to build 70 single-family homes.
An affiliate of Arroyo, an Irvine, California-based land banking firm led by principals Dan McCann, Leigh Austin and Jeff Brouelette, acquired two adjacent properties at 9905 Clint Moore Road, records and Vizzda show.
Arroyo has an option agreement to sell the development site to Toll Brothers, the Fort Washington, Pennsylvania-based homebuilder that last year submitted plans with the city of Boca Raton to build the 70-home development.
One of the properties is home to a 32,000-square-foot packing plant and a 3,000-square-foot cold storage facility completed in 1981, records show. The seller, Westside Farms, paid $200,000 for the two properties in 1982.
Founded in 1967, Toll Brothers is a publicly traded real estate development firm led by CEO Douglas Yearley Jr. The company develops apartment communities, single-family home communities, college student housing and 55-and-up housing, according to Toll Brothers’ website.
Toll Brothers and its partner, CanAm Capital, recently completed Lapis, a 293-unit student housing apartment complex adjacent to the south campus of Florida International University in southwest Miami-Dade County. Toll Brothers and CanAm built the 20-story project with a $103 million construction loan. Lapis marks Toll Brothers first multifamily building in South Florida, but the firm has developed several single-family home communities in the tri-county region.
In June, Toll Brothers won a competitive bid to build 52 homes on part of a city-owned golf property in Parkland.The developer beat out 10 other bidders to build the project on 52 acres of the shuttered Heron Bay Golf Course.
The Parkland City Commission, by a 4-1 vote, directed staff to negotiate a purchase agreement with Toll Brothers, which offered to pay $18.5 million for the development site. The homebuilder is proposing houses ranging from 3,500 square feet to 5,000 square feet that will be sold at $1.5 million to $2 million.