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Archstone Nets $30.7 Mil for Eastside Complex

WOODINVILLE, WA-Despite the sale of its 352-unit Waterford Place apartment complex, the Englewood, CO-based apartment REIT says it plans to remain in the Eastside garden-style market.

By Janet Parker | Updated on June 19, 2001

WOODINVILLE, WA-Archstone Communities Trust’s sale of the 352-unit Waterford Place apartment complex here netted the highest price paid thus far this year for an Eastside property. Katahdin Properties LP is paying $30.7 million for the 12-year-old garden-style complex located just east of the Sammamish River at 13305 NE 171st St. Archstone paid $27.5 million for the property in 1997.

As to what prompted the Englewood, CO-based REIT (NYSE: ASN) to sell Waterford, a company source says she can’t say for certain, but “there are a lot of great opportunities to sell (apartment) properties in Seattle. Those buyers may have come along and made a great unsolicited offer.”

Archstone’s portfolio of Seattle area properties is valued in the vicinity of $300 million. Campbell says Archstone has concentrated its garden-style properties in the Eastside sub-market, and will continue to do so to minimize the company’s exposure to Boeing layoffs. Its 11 complexes here represent more than 3,000 units, with five properties in Bothell, three in Redmond and a single complex in Newcastle. Campbell stressed that the sale of Waterford in no way forebodes Archstone’s abandonment of the Puget Sound market.

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