An industry source tells GlobeSt.com that the 'whisper' askingprice for the portfolio is $295 million. Archstone declined tocomment citing "corporate policy of not discussing its portfoliounless a sale is completed." C&W also declined to comment.

Consisting of class A and class B buildings, there is avalue-add upside to some of the assets in the portfolio, accordingto the bid sheet. For instance, "significant upside potentialexists to complete unit upgrades at 2501 Porter St., where ongoingrenovations have yielded increases of $250 per unit," it said.

Common area upgrades at Calvert Woodley and Cleveland House--twoother buildings along the Connecticut corridor--would also achievevalue. Another selling point is the buildings' proximity to oneanother and hence, the portfolio's greater operatingefficiency.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.