(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
SAN BRUNO, CA-Denver-based Archstone has acquired a 187-unit condominium development for $80 million from McFarlane Partners of San Francisco. With the acquisition, Archstone plans to lease the property as a multifamily luxury rental.
According to a prepared statement, the class-A property sits on an urban infill master planned community that also includes 900 multifamily flats, 228 senior housing flats, 150 hotel rooms and a 12,000-square-foot retail center with restaurant that serves the surrounding neighborhood. Grand Luxe Peninsula, one of the flagship assets of the 20-acre former U.S. Naval base redevelopment known as the Crossing at San Bruno, was developed as a condominium but with the collapse of the residential housing market was never occupied.
Jim Fisher, a principal with Lee & Associates-LA North/Ventura Inc., and Stephen Peters, a principal with Lee & Associates’ investment services group, represented both the buyer and the seller in the transaction. “Archstone has come back into the market to further increase its large presence in this highly desirable submarket, having already acquired two adjoining properties in 2006,” says Fisher.
The all-cash sale at 1051 National Ave. in San Bruno, CA, closed at the price of $427,807 per door. This transaction helped complete a 1031 exchange for the buyer, according to Lee & Associates.
“We started working with the team at McFarlane Partners two years prior on other portfolio assets across the country so we had a pretty good indicator as to where a transaction would have to close to satisfy both parties,” says Peters.
The property spans a total of 219,742 square feet and features a mix of one, two and three-bedroom flats, as well as two-story townhome residences. Amenities include a two-level fitness center overlooking the pool, gated underground garage and direct-to-your-level elevators, an outdoor pool, hot tub and landscaped courtyard, a community park with children’s playground, gas BBQ and entertainment area and a media and community room.
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Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
