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 and microwave ovens. Other amenities will include a state-of-the-art fitness center, business center, resort-style pool, media center, billiards room and entertainment areas with fireplaces and grills. The community provides on-site access to the Pasadena Gold Line Light Rail System, offering immediate access to the major employment centers in downtown Los Angeles, Pasadena, Glendale and Burbank.
Archstone-Smith owns and operates a portfolio of high-rise and garden apartment communities concentrated in many markets nationwide.
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