Clear Lake’s Armand Place swaps hands, arms

CLEAR LAKE – Armand Place, a 244-unit apartment complex at 300 Cyberonics Blvd., has been purchased by Resource Real Estate Opportunity REIT for $11.8 million.

Constructed in 1979, the 20-building complex sits on ten acres. It is currently 93 percent leased.

The buyer plans to make improvements to apartment interiors as well as to common areas and landscaping.