DENVER, CO - Archstone, a leader in apartment investment and operations, announced today that it has purchased a 4-acre development site in Huntington Beach, Calif., as part of a joint venture with Red Oak Investments. The urban infill site is at the corner of Center Ave. and Gothard St. When complete, the mixed-use apartment community, Archstone Huntington Beach Center, will offer approximately 384 apartment homes and 10,000 square feet of ground-floor retail space that will help meet an overwhelming demand for apartment communities in the area.
"We're excited for this opportunity to revive our development efforts in one of our core coastal markets in partnership with Red Oak Investments," said Neil Brown, Archstone's chief development officer. "Archstone Huntington Beach Center will be our 10th apartment community in the Orange County area and an excellent complement to our portfolio of communities in the nation’s premier markets."
Within blocks of Golden West College, the Edinger Plaza Shopping Center, Pavilions Place and Bella Terra Mall, the Orange County apartments will provide residents with easy access to an extensive variety of local restaurants and boutique shops. The site is also within five blocks of the 405 Freeway and a short drive to Orange County's major business centers in nearby Costa Mesa, Irvine and Newport Beach.
"I look forward to starting construction on my first development transaction with Archstone," said Richard Lamprecht, who was recently appointed Archstone's executive vice president of development for the West Region. "The community will be in one of the most vibrant neighborhoods the prestigious city of Huntington Beach has to offer. Residents will enjoy the convenience of being within walking distance of much of what they could possibly want."
The site was purchased from Amstar, which acquired the existing 60,000-square-foot office and retail center in 2007 in partnership with Red Oak Investments. Amstar and Red Oak secured the required zoning and entitlements to begin construction prior to completing the transaction.
Archstone is a recognized leader in apartment investment and operations. The company's portfolio is concentrated in many of the most desirable neighborhoods in and around Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. Archstone strives to provide great apartment rentals and great service to its customers—backed by service guarantees. As of March 31, 2011, the company owned or had an ownership position in 428 communities located in the United States and Europe, representing 76,891 units, including units under construction. Utilizing this tremendous amount of expertise and institutional knowledge, Archstone now also offers comprehensive advisory services to owners and lenders who want to maximize the value of their assets through Archstone Real Estate Advisory Services.
Red Oak is a Southern California-based company that strives to serve God in the marketplace by being a good, profitable, and lasting real estate developer by building excellent projects, implementing the best ideas in urban planning, improving the neighborhoods where we build, thinking long term, looking after our people, their families and their careers, treating others as we wish to be treated and maintaining the highest ethical standards in our business.
Established in 1987, Amstar is a real estate investment manager that offers both commingled funds and tailored separate accounts to its international and domestic clients. With more than $1.5 billion of assets under management, Amstar's current portfolio consists primarily of office, hospitality, and multifamily holdings within the major markets of the United States and select markets in Europe and Latin America.