Archstone-Smith purchased Key West, a 207-unit, 13-story high-rise community in Manhattan, N.Y.
Representing a purchase price of $110 million, the acquisition is expected to be 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.
Key West is located on Columbus Avenue between 96th and 97th Streets in Manhattan’s exclusive Upper West Side neighborhood.The community features more than 13,000 square feet of on-site, ground-floor retail space occupied by a variety of businesses, including a delicatessen, dry cleaner and financial advisor.
Key West features one-, two- and three-bedroom apartments, along with an on-site fitness center, 24-hour concierge service, on-site parking garage, large rooftop terrace and beautifully landscaped courtyard. The community will operate under the company’s Archstone brand.
The largest public owner of apartments in Manhattan, Archstone-Smith now owns and operates a New York Metropolitan Area portfolio that includes 13 communities representing 4,115 units, including units under construction, and a total expected investment of more than $2 billion.