Apartment REIT Archstone-Smith has acquired a 322-unit, Fremont, Calif. apartment complex for $79.6 million. The three-year-old property, known as The Benton, is located on San Francisco’s East Bay region.

The acquisition was chiefly funded by tax-deferred exchange proceeds and the assumption of $52.3 million of variable rate, tax-exempt bonds. The community will operate under the Archstone brand.

“The Benton is a well-located community in one of the strongest rental markets in the East Bay, just 15 miles north of the heart of the Silicon Valley and convenient to major employment centers in the Bay Area,” says R. Scot Sellers, chairman and CEO of Archstone-Smith (NYSE: ASN).