Archstone-Smith lands high-rise apartments

Adds 400-plus units to holdings

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Archstone-Smith on Tuesday announced the acquisition St. Francis Place, a 410-unit, high-rise community in downtown San Francisco. Representing a purchase price of $170 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. St. Francis Place is located at the corner of Third and Folsom streets, just four blocks south of Market Street in the heart of downtown San Francisco's central business district. St. Francis Place features more than 25,000 square feet of on-site, ground-floor retail space occupied by a variety of businesses, including two upscale restaurants, a full-service salon and day spa. The property's one-, two- and three-bedroom apartments feature generous floor plans, patios/balconies, and 10-foot ceilings and washers/dryers in select units. Residents also enjoy an on-site fitness center, business center with conference room, clubhous...