Archstone-Smith on Thursday announced the acquisition of The Benton, a 322-unit multifamily community in Fremont, Calif.
The value of the transaction was $79.6 million.
The Benton, built in 2003, features one-, two- and three-bedroom apartments; an on-site fitness center; business center with conference room; pool/spa; billiards room; covered parking; and 15,000 square feet of on-site, ground-floor retail space occupied by a Starbucks and a variety of other local businesses.
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.
Archstone-Smith’s apartment portfolio is concentrated in the Washington, D.C., metropolitan area, Southern California, the San Francisco Bay Area, the New York City metropolitan area, Boston, Chicago, Southeast Florida and Seattle.