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, conference room, business center, theater room, library, lounge, and pool/spa. The community will operate under the company’s Archstone brand.
