DENVER, CO - Archstone, a leader in apartment investment and operations, announced today that it has closed a $350 million acquisition fund to purchase apartment communities in strategic markets where it has a significant operating presence. Archstone is sourcing and managing the fund’s investments.
"We are very excited about closing this fund and expect to make several additional acquisitions in premier locations in the country through it,” said R. Scot Sellers, Archstone’s chief executive officer. “We are committed to providing outstanding results for the fund, and we look forward to establishing long-term relationships with our partners in this fund that increase in size as we move forward together.”
Charles E. Mueller Jr., Archstone’s chief operating officer, added: “Our team has continued to produce industry-leading operating results, and we have an extremely talented and experienced group of acquisition professionals with an outstanding track record over a long period of time. We are confident that we will invest the capital in highly desirable apartment assets in protected locations, and expect to produce very attractive returns for our partners in this fund.”
The fund has already acquired four apartment communities in highly desirable neighborhoods in coastal markets. The communities, which have been renamed, are Archstone Kips Bay in New York, Archstone Boca Town Center in Boca Raton, Fla., Archstone Kirkland at Carillon Point in Kirkland, Wash., and Archstone Sunnyvale in Sunnyvale, Calif.
M3 Capital Partners served as the exclusive financial advisor to Archstone on this 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, Boston and Seattle. Archstone strives to provide great apartment rentals and great service to its customers—backed by service guarantees. As of March 31, 2012, the company owned or had an ownership position in 434 communities located in the United States and Europe, representing 73,135 units, including units under construction.