The Kingswood, the latest of several large Marina Del Rey apartment complexes to sell in recent months, will now operate as Archstone Marina del Rey, under the company's Archstone brand.
R. Scot Sellers, chairman and CEO of Archstone-Smith, says the buy fits with the company's long-term strategy of owning apartments in "highly desirable neighborhoods with expensive single-family homes and limited land upon which to build new housing." The description fits snugly in Marina Del Rey, an area on the Westside of Los Angeles where development sites are scarce and the housing is some of the most expensive in the area. With the purchase of the Kingswood property, according to Sellers, approximately 15.9% of Archstone-Smith's portfolio, representing 9,552 units, is concentrated in Southern California.
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