Archstone-Smith buys project in S.F. Bay Area

Construction expected to be completed next year

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Archstone-Smith, which owns apartment properties in major metro areas nationwide, recently announced the acquisition of Paragon Apartments, a 185-unit community that is currently under construction in San Bruno, Calif. Representing a total expected investment of $72.1 million, the acquisition was funded primarily through tax-deferred exchange proceeds from dispositions of apartment communities that no longer meet the company's long-term investment criteria, according to a press statement. Paragon is the company's second acquisition in The Crossing at San Bruno, a master-planned, mixed-use development. Archstone-Smith will finish the development of Paragon, which is slated for completion in mid-2007. All of Paragon's one-, two- and three-bedroom apartments will include granite countertops, 9-foot ceilings and a private patio/balcony. Residents will also enjoy full access to The Club, a two-story, 8,000-square-foot community recreation center that includes two fitness centers, confe...