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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.

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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.

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The Denver-based REIT, in its latest quarterly financialfilings, named Southern California as one of its top regions,stating that strong operating income growth for the latest quarter"was driven principally by strong NOI growth in the Washington, DCmetropolitan area, Southern California and the New York City."Those three metropolitan areas represent more than 72% of theREIT's portfolio.

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Archstone has not yet formally announced the RiverBendacquisition, which was brokered by Curtis Gardner of Arroyo &Coates. Gardner was unavailable for comment Friday.

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The RiverBend property is a 50-building complex that consists ofone- and two-bedroom units that range from 800 sf to 1,128 sf.Rents range from about $1,300 to $1,700, according to the web sitefor the complex.

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The RiverBend deal follows recent Archstone-Smith acquisitionsin Northern California, where it has acquired more than 1,200 unitsthis year. Among these was its recent purchase of the 360-unit BayLanding complex in the East Bay area of San Francisco for $75.6million.

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