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Archstone-Smith Steps up Bay-Area Focus

SAN FRANCISCO-The Denver-based apartment REIT acquires 360 units in Walnut Creek for $75.6 million, pushing its Bay Area buying spree to more than 2,500 units over the past 15 months.

By Brian K. Miller | Updated on October 30, 2006

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

SAN FRANCISCO-Archstone-Smith continues to scoop up apartment properties in and around San Francisco. The Denver-based apartment REIT last week paid $75.6 million for a 360-unit garden community in the East Bay, taking its 2006 Bay Area buying spree to 1,245 units in five properties. Turn back the clock to mid 2005, and Archstone-Smith’s regional acquisition push grows to 2,552 units.

The latest acquisition is Bay Landing, a 360-unit property located across the street from the Pleasant Hill Bay Area Rapid Transit station. The acquisition was funded primarily through tax-deferred exchange proceeds from dispositions of apartment communities that no longer meet the company’s long-term investment criteria.

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