Completed in 2001, the 29-story high-rise, which offers studio, one- and two-bedroom apartments, ranging from 542 to 1,018 sf, will operate under the company's Charles E. Smith brand. Archstone-Smith financed the acquisition through the assumption of $70 million of tax-exempt low floating rate bonds and $4.9 million in taxable low floating rate bonds. The remainder came from tax-deferred exchange proceeds from dispositions.

"Manhattan represents a significant component of our long-term strategy to own apartments in highly desirable neighborhoods with expensive single-family homes and limited land upon which to build new housing," says R. Scot Sellers, chairman and chief executive officer, in a statement.

As of Dec. 31, 2003, Archstone-Smith owned or had an ownership positions in 249 apartment communities concentrated in the greater Washington, DC, Southern California, the San Francisco Bay area, Chicago, Boston, Southeast Florida, Seattle and greater New York City metropolitan areas.