SAN FRANCISCO-St. Francis Place, the massive, 410-unit apartment complex here, rests in the portfolio of Denver-based Archstone-Smith this morning, the result of a $170-million buy disclosed over the weekend. The acquisition was funded mostly through the tax-deferred capital gained from shedding what a statement calls "apartment communities that no longer meet the company's long-term investment criteria." Also funding the buy was $53 million in OP units.
"Our strategy is to own apartments in the most desirable neighborhoods in the country, where housing is exceptionally expensive," says Archstone chairman and CEO R. Scot Sellers in the statement. "St. Francis Place is a perfect fit with that strategy."
St. Francis Place features more than 25,000 sf of on-site, ground-floor retail space occupied by a variety of businesses, including two upscale restaurants, a full-service salon and day spa. The property's one-, two-, and three-bedroom apartments feature generous floor plans, patios/balconies, and 10-ft ceilings and washers/dryers in select units. The community will operate under the company's Archstone brand.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
