Archstone closed a $350 million acquisition fund to purchase apartment communities in strategic markets where it has a significant operating presence. Archstone is sourcing and managing the fund’s investments.
“We are very excited about closing this fund and expect to make several additional acquisitions in premier locations in the country through it,” Archstone CEO R. Scot Sellers said in a statement. “We are committed to providing outstanding results for the fund, and we look forward to establishing long-term relationships with our partners in this fund that increase in size as we move forward together.”
The fund has already acquired four apartment communities in highly desirable neighborhoods in coastal markets. The communities, which have been renamed, are Archstone Kips Bay in New York, Archstone Boca Town Center in Boca Raton, Fla., Archstone Kirkland at Carillon Point in Kirkland, Wash., and Archstone Sunnyvale in Sunnyvale, Calif.
M3 Capital Partners served as the exclusive financial advisor to Archstone on this transaction.