DENVER, CO - Archstone, a leader in apartment investment and operations, announced that it has assumed management responsibilities for five apartment communities, which it has owned since 2005, from Oakwood Worldwide. In addition, Archstone extended its master lease agreement on seven other communities with Oakwood, which will continue to lease and manage them.
Archstone owns 100 percent of the 12 communities, which it purchased from Oakwood in 2005 as part of a 36-community, $1.5 billion transaction.
“Oakwood has done an excellent job of managing these communities since the initial acquisition in 2005,” said Charles E. Mueller Jr., Archstone’s president and chief operating officer. “We believe this agreement is a good fit for the long-term strategies of both organizations, and we are excited about assuming management responsibility for five of these communities.”
Archstone has taken over management of the following communities: Archstone Seal Beach (Oakwood Long Beach Marina), Archstone Bellevue (Oakwood Bellevue), Archstone West Valley (Oakwood San Jose South), Archstone Mountain View at Middlefield (Oakwood Mountain View) and Archstone Woodland Hills (Oakwood Woodland Hills). These communities represent a total of 2,814 apartment units. Oakwood will continue to offer its short-term corporate housing option in these communities.
Per the extended master lease agreement, Oakwood will continue to manage Oakwood Arlington (Virginia), Oakwood Boston (Massachusetts), Oakwood Crystal City (Virginia), Oakwood Gaithersburg (Maryland), Oakwood Marina del Rey (California), Oakwood Philadelphia (Pennsylvania) and Oakwood Toluca Hills (California). The communities are home to a total of 2,404 apartment units.
“Like the vast majority of our portfolio, these communities are located in premier neighborhoods in some of the most prestigious cities in the country,” said R. Scot Sellers, Archstone’s chief executive officer. “We are pleased to continue working with Oakwood on the management of these communities.”
Archstone is one of the largest owners of high-quality apartment communities in the United States and is focused primarily on the acquisition, development, redevelopment, operation and management of apartment communities in select supply-constrained, coastal markets.