Archstone-Smith on Friday announced the $220.6 million purchase of Jefferson at Bay Meadows, a 575-unit community in San Mateo, Calif.

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.

Jefferson at Bay Meadows, completed in 2003, is located one block from U.S. Highway 101 and less than one mile from California Highway 92. The seven-building property features one-, two- and three-bedroom apartments and almost 14,000 square feet of on-site, ground-floor retail space occupied by a variety of businesses, including a Starbucks Coffee, Kindercare Learning Center and Quiznos Sub. Amenities include a fitness center, outdoor pool, business center with conference room, clubhouse, theater room, on-site parking garage and landscaped courtyards. The community will operate under the company’s Archstone brand.

Archstone-Smith owns a portfolio of apartment communities 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.

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