A source at Archstone-Smith declined to reveal the property's current occupancy. According to Avalon Bay, the property had a physical occupancy of 99.7% at the end of 2004 and an economic occupancy of 96.3%. The current asking rate average is approximately $1.75 per sf per month. The actual average effective rental rate as of the end of 2004 was $1.58 per sf. Built in 1999, the property' was held on Avalon's books at around $49 million.

The community consists of 145 one-bedroom units, 102 two-bedroom units (including 55 townhomes) and 14 three-bedroom townhomes. Units have vaulted ceilings, crown molding, fireplaces and built-in computer desks, and the common amenities include a pool and fitness center.

Archstone chief executive Scot Sellers says the acquisition is consistent with the company's strategy of acquiring properties in an area with a strong economic base, very expensive single family homes and essentially no land on which to build new housing. The community's name will change to Archstone Cupertino. "The Silicon Valley is widely recognized as the technology capital of the world, home to more than 7,800 high-tech companies that employ more than 320,000 people," he says.