REIT gains new multifamily development

Units feature latest technologies

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Archstone-Smith, a multifamily real estate investment trust, has acquired Oak Creek Apartments, a brand-new 336-unit luxury multifamily community in Agoura Hills, Calif. The value of the transaction was $99.6 million. Oak Creek Apartments was completed in October 2004 by the seller, JH Snyder Co. The property features 24 14-unit apartment buildings, comprised of 1- and 2-unit floorplans. Features include flexible DSL connections, satellite and cable voice data, wood-crafted pergolas and balconies, private patios, and full bedroom suites complete with walk-in closets and private baths. Oak Creek Apartments is situated on a 40-acre site, which includes 14.3 acres of open space. Colliers Seeley International Inc. brokered the sale. *** What's your opinion? Send your Letter to the Editor to