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Archstone Grabs Piece of EmeryBay Club Apts.

EMERYVILLE, CA-The $59.6-million deal for the 261-unit community here includes title to the land, which the seller had been leasing from the city.

By Brian K. Miller | Updated on April 27, 2007

(Read more on the multifamily market.)

EMERYVILLE, CA-Archstone-Smith has acquired the 261-unit second phase of the EmeryBay Club apartments here for $59.6 million. The seller was EmeryBay II Associates in affiliation with Bridge Housing Corp.

Built in 1993 at the foot of the Bay Bridge, the three-building development is approximately 94% occupied. Approximately 40% of the units are under rental restrictions. The average unit size is 820 sf. The market-rate units lease for $1,584 per month. The 20% designated for “low incomes” rent for $1,382 and the 20% reserved for “very low incomes” rent for $863 per month.

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