DENVER, CO - Archstone - a leader in apartment investment and operations – today announced the acquisition of Grand Luxe Peninsula, a 187-unit condominium community in the San Francisco Bay Area. The community, which is located behind Archstone San Bruno on the opposite side of National Avenue, has been converted into luxury apartment homes and renamed The Luxury Collection at Archstone San Bruno. It was acquired for a purchase price of $80 million.
"The entire Archstone team is very excited to be back in the business of making great apartment acquisitions in the most desirable neighborhoods in the country," said R. Scot Sellers, Archstone’s chief executive officer. "The Luxury Collection at Archstone San Bruno is a fantastic complement to our existing portfolio, and will be an outstanding investment for us. Our talented operations team has already leased 53 apartments here in the four weeks we have owned the property, and we expect to be full very soon, at rental rates in excess of our initial projections."
Situated between San Jose and Downtown San Francisco, The Luxury Collection at Archstone San Bruno is a short train ride from the heart of the technology industry in Silicon Valley and a large collection of corporate headquarters in San Francisco's Financial District. The San Bruno train stations for both the BART and Caltrain public transit systems are within a short walk of the community.
The San Bruno Towne Center is also a short walk away, and offers an array of popular places to shop and dine, including Best Buy, Red Lobster and LaSalsa. Across the street from Archstone San Bruno at the Shops at Tanforan, residents have even more options, including Target, BJ's Restaurant & Brew House and Century Theatres.
Inside The Luxury Collection at Archstone San Bruno, residents have access to exceptional amenities, including lush gardens and courtyards, a well-appointed media room with flat-screen TVs, a resort-style pool and spa and a two-story fitness center. The brand-new apartments, including a number of spacious three-bedroom floor plans, feature granite countertops, oversized bathrooms, stainless steel appliances and large walk-in closets.
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.