Archstone-Smith Trades 379-Unit Arbor Vista

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EL PASO-Selling its last non-core asset from a $1.1-billion portfolio that it bought two years ago, Archstone-Smith Operating Trust has turned over the 379-unit Arbor Vista Apartments to Cash Investments. The local buyer plans to upgrade the 94%-leased, class C complex.

Jeffrey L. Patterson, vice president with Apartment Realty Advisors’ Austin office, says Arbor Vista at 7900 Viscount Blvd. attracted seven offers, but ultimately sold for less than the $18.5-million ask. “The buyer is the largest owner of multifamily properties in El Paso and knew the asset probably better than anyone else,” explains Patterson, who teamed with Kelly E. Witherspoon, ARA’s transaction manager, on behalf of the Englewood, CO-based seller.