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YORBA LINDA, CA-The Denver-based Archstone-Smith apartment REIThas acquired the 400-unit RiverBend apartment complex from LyonCapital Management for $98.8 million, further expanding Archstone'sSouthern California portfolio after recent buys in NorthernCalifornia. Local industry sources tell GlobeSt.com that thepublicly held REIT plans a renovation play at the complex, which isat 25550 River Bend Dr.

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