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Archstone Goes on Selling Spree Across US

DENVER-One of the largest apartment REITs in the country has disposed of $910 million of non-core assets this year in markets including Southern California, the San Francisco Bay area, Texas and Arizona.

By John Rebchook | Updated on June 20, 2001

DENVER-Locally based Archstone Communities, one of the largest apartment real estate trusts in the country, so far this year has disposed of $910 million of non-core assets. It sold the properties at an average capitalization rate of 8.5%.

The sales include three joint venture transactions with a large institutional investor, through which Archstone contributed 27 communities with a value of approximately $650 million.

“Since 1995, Archstone has completed the disposition of $3.3 billion of non-core assets–producing $430 million in aggregate gains–substantially improving the quality of our earnings and our long-term growth rate,” says R. Scot Sellers, chairman and chief executive officer.

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