(To read more on the multifamily market, click here.)

YORBA LINDA, CA-The Denver-based Archstone-Smith apartment REIT has acquired the 400-unit RiverBend apartment complex from Lyon Capital Management for $98.8 million, further expanding Archstone’s Southern California portfolio after recent buys in Northern California. Local industry sources tell GlobeSt.com that the publicly held REIT plans a renovation play at the complex, which is at 25550 River Bend Dr.

The RiverBend complex, which consists of 50 buildings, was built in 1986 and typically maintains a high occupancy rate, which was about 95% at the time of the recent sale, sources tell GlobeSt.com. The property expands an Archstone-Smith Orange County portfolio that includes complexes throughout the county, adding to Southern California holdings that include Archstone properties throughout the region.

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