EmeryBay sells near San Francisco

Apartment complex no longer on leased land

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EmeryBay Club, a 261-unit apartment community in Emeryville, Calif., has sold to an out-of-state investor for $59.6 million. Englewood, Colo.-based Archstone-Smith purchased the property -- which is located approximately 10 miles east of San Francisco -- from EmeryBay II Associates. The property is located at 6401 Shellmound St. and comprises three four-story buildings with an average unit size of 820 square feet. The value of EmeryBay Club was significantly enhanced by the seller's recent purchase of the land underneath the apartments, according to a press statement....