Archstone-Smith buys beachside apartments
Picks up 623 units in Los Angeles County
By Inman News, Tuesday, March 23, 2004.Inman News®
Archstone-Smith acquired Kingswood Village Marina, a 623-unit apartment community in Marina del Rey, Calif.
The value of the transaction was $87 million.
Kingswood Village Marina Ltd. was the seller of the property, which will now operate as Archstone Marina del Rey, under the company's Archstone brand.
Archstone Marina del Rey comprises seven three-story garden-style buildings and one 13-story high-rise tower, with 1- and 2-bedroom apartments ranging in size from 809 to 1,450 square feet.
Archstone-Smith (NYSE: ASN) owns and operates a portfolio of high-rise and garden apartment communities nationwide.
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