(Read more on the multifamily market.)
NEWPORT BEACH, CA-The Irvine Co. has agreed to take a stake in the Archstone-Smith multibillion-dollar buy-out. The privately held Irvine Co. will buy 16 apartment complexes–Archstone's Southern California portfolio–for a reported $1.4 billion. The properties are located in Orange and San Diego counties.
The deal brings additional joint venture equity into Tishman Speyer Properties and Lehman Brothers Holdings Inc.'s $15.2-billion acquisition of Archstone. As part of the Southern California portfolio, Tishman and Lehman will retain 10% of those properties, with the Irvine Co. holding the balance.
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