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Archstone Communities Trust Sells Two Apartment Properties for $34.8 Mil

RENTON, WA-Lend Lease Investments acquired one of the properties on behalf of an institutional client. Sherron & Associates, a Bellevue-based syndicator, acquired the other.

By Janet Parker | Updated on December 06, 2000

RENTON, WA-Archstone Communities Trust has sold two institutional-grade apartment complexes here for a combined $34.8 million. Archstone, a Denver-based REIT, focuses on apartment communities in 31 markets across the US. During the third quarter, Archstone completed $215.9 million of new developments in markets that include Seattle. As of September 30th, its portfolio was comprised of 235 properties, representing 72,318 units, with 8,872 units still under construction.

In the first transaction, Lend Lease purchased Pebble Cove Apartments on behalf of an institutional client. The 288-unit complex at 17600 134th Ave. SE sold for $22.5M million. Built in 1996, the complex consists of 18, two- and three-story garden style buildings on 17.9 acres and is currently 98% leased. The second property, Fairwood Landing at 14121 SE 177th St., was acquired by Sherron & Associates of Bellevue, WA. The 194-unit complex, also 98% occupied, is a low-rise garden style community. The 18-year-old property sold for $12.3 million.

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