Archstone-Smith acquires 360 apartments

Community located in growing California market

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Archstone-Smith purchased Bay Landing, a 360-unit apartment community in the San Francisco Bay Area submarket of Walnut Creek. Representing a purchase price of $75.6 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. Bay Landing features studio, one- and two-bedroom apartments, and includes an on-site fitness center, outdoor pool and spa, clubhouse and on-site parking garage. The community will operate under the company's Archstone brand. Archstone-Smith currently owns multifamily properties in the Washington, D.C., metropolitan area, Southern California, the New York metropolitan area, the San Francisco Bay Area, Boston, Seattle, Southeast Florida and Chicago. ...