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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
