Archstone-Smith buys mixed-use apartment complex

Invests $60 million to complete project

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Archstone-Smith acquired Del Mar Station, a partially completed 347-unit apartment community in Pasadena, Calif. The value of the transaction was $76 million. Archstone-Smith will invest approximately an additional $60 million to complete the improvements, which are scheduled for completion in late 2006. The community will operate under the name of Archstone Del Mar Station. Started in 2003, Archstone Del Mar Station is expected to deliver its first units in early 2006. The community will consists of two seven-story and two four-story residential buildings, a 1,200-space underground parking garage and approximately 11,000 square feet of stand-alone retail space. The community will offer studio, 1- and 2-bedroom apartments and 2-bedroom townhomes, ranging in size from 560 square feet to 1,622 square feet, with an average unit size of 977 square feet. Unit amenities include 9- to 14-foot ceilings, custom cabinetry, washers and dryers, granite countertops, refrigerators with icemakers...