Archstone-Smith and Ameriton Properties Inc., its wholly owned subsidiary, have purchased Fox Plaza, a mixed-use high-rise property in San Francisco.
The value of the transaction was $147.5 million.
Archstone-Smith will own and manage the residential and garage components of Fox Plaza, which comprises 444 apartment units and 411 parking spaces. Ameriton will own and manage the property’s 238,559 square feet of office space and 17,483 square feet of retail space.
The property is situated at intersection of Market and Polk Streets, and marks Archstone-Smith’s entry into the downtown San Francisco market.
The apartments will operate under the Archstone brand name and will be called Archstone Fox Plaza, offering studio, 1- and 2-bedroom apartments with panoramic views of downtown San Francisco, the Bay Bridge and Twin Peaks.
Archstone-Smith owns and operates a portfolio of high-rise and garden apartment communities nationwide.
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