The Denver-based REIT says the hardy lease-up rate is a result of a strategy implemented five years ago to concentrate development in markets where it is difficult to initiate new projects. A company statements says it has succeeded in gaining a "solid, strategic presence in some of the nation's top markets, including California, the Washington, D.C. area and the greater Northeast."
During the third quarter, Archstone has put $494.3 million of new development communities in lease-up, of which $280.6 million, or 57%, are now better than 94% leased.
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