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Archstone-Smith Acquires Two Apartments for $266M

NEW YORK CITY-Archstone-Smith continues to gobble up apartment communities here. For $266 million, the firm acquires a complex in Murray Hill and another in Brooklyn Heights. The company now owns just under 4,000 units here.

By Barbara Jarvie | Updated on April 10, 2006

(To read more on the multifamily market, click here.)

NEW YORK CITY-Archstone-Smith has spent $266 million for two apartment communities here, adding 450 units to its holdings. In just four years, the Denver-based REIT has amassed a portfolio of 3,745 apartment units here with an investment of approximately $1.8 billion.

The company’s newest additions are the Marlborough House, a 270-unit, 35-story community in Murray Hill, and 180 Montague St., a 192-unit, 33-story community in Brooklyn Heights. The firm paid $165 million for Marlborough House and $101 million for 180 Montague. Marlborough House is one block north of Archstone East 39th, which was acquired in 2004. The acquisitions were funded primarily through tax-deferred exchange proceeds. Information on the sellers was not released.

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