VENICE, CA - Archstone, a leader in apartment investment and operations, announced the acquisition by an Archstone sponsored partnership of The Frank, a 70-unit apartment community in Venice, California.
The Frank was acquired for a purchase price of $56.2 million and has been renamed Archstone Venice on Rose. Just blocks from the famous Venice Beach, Archstone Venice on Rose is near an array of popular technology companies and numerous shopping, dining and entertainment opportunities.
“Archstone Venice on Rose is located in a highly desirable neighborhood with expensive single-family homes and very limited land on which to build new housing,” said Charles E. Mueller Jr., Archstone’s president and chief operating officer. “We are excited about the opportunity to own and manage this brand-new apartment community in a city filled with the popular attractions and employment opportunities people are looking for today.”
Venice is part of what is now being called Silicon Beach, a collection of venture capital and start-up firms that focus on innovation, the environment and the next generation of technology. It is home to companies like Hulu, Viddy and ShoeDazzle, and several large technology firms, including Yahoo and Google, have a presence there. The Google Venice campus employs more than 300 working professionals and is just four blocks from Archstone Venice on Rose.
In addition, Archstone Venice on Rose offers easy access via California Highway 1, I-10 and the 405 to West LA’s major employment centers in Santa Monica, Century City, Westwood, Brentwood and Beverly Hills. Among the employers with a presence in West LA are Lions Gate Films, Sony Entertainment, Microsoft and MTV.
After working hours, residents of Archstone Venice on Rose are within a short drive or walk to a large selection of shopping and dining options. On site, the community features local retailers and restaurants, like Café Gratitude and Piccolo. Residents can also easily walk to great local fare nearby at Rose Café, Venice Beach Wines and Oscar’s Cerveteca. Along the Ocean Front walk at the beach are many waterfront restaurants and boutique shops, including the Venice Ale House and Good See Company.
Archstone Venice on Rose offers a living experience to match its location with quality-of-life-enhancing amenities and apartment features. The list of amenities includes a resident lounge with full kitchen and media center, dog run, community garden, solar water heating and a parking garage. Inside the Venice Beach apartments, residents enjoy 11-foot ceilings, stone countertops throughout, kitchen islands, designer cabinets, stainless steel appliances and upgraded fixtures. The community has also earned LEED Platinum Certification.
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.