ENGLEWOOD, COLO. — Englewood-based Archstone has closed a $350 million acquisition fund targeting apartment communities in major markets where it has an 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 Scot Sellers, Archstone's chief executive officer, in a prepared statement.
“We are confident 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,” added Charles E. Mueller, Jr., Archstone's chief operating officer.
The fund has already acquired four apartment communities 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 Carllon Point in Kirkland, Wash.; and Archstone Sunnyvale in Sunnyvale, Calif.
M3 Capital Partners served as the exclusive financial advisor to Archstone in the transaction.
As of March 31, 2012, Archstone owned 434 communities in the U.S. and Europe, representing 73,135 units, including units under construction. Much of the company's portfolio is concentrated in neighborhoods in and around Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Boston and Seattle.
— Liz Burlingame