NEW YORK CITY-Furthering its expansion into the New York Citymarket, Colorado-based apartment operator and investment firmArchstone has acquired Eastbridge Landing, a209-unit, 22-story rental tower from sellers MadisonInternational Realty and RFR Holdingthrough an Archstone sponsored partnership, the company unveiledTuesday morning. The site, located at 377 E. 33rd St.,sold for a purchase price of $131 million.

The acquisition comes on the heels of Equity LifeStyleProperties Inc. trying to buy a 26.5% interest inArchstone for $1.3 billion, previously reported. The deal nowbrings Archstone’s total apartment portfolio in the NewYork-metropolitan area to 14 properties. It currently owns andmanages 10 rental towers in Manhattan, one in Brooklyn and one onLong Island. “It will increase our presence in New York, one of ourcore markets,” says R. Scot Sellers, CEO ofArchstone, in a statement. “We are extremely excited about beingback in the business of acquiring incredible apartment communitiesin the best neighborhoods in the country.”

According to spokeswoman for Madison International Realty, thetiming was “appropriate” for Madison and RFR to complete thetransaction because of the “favorable investment climate” forrental properties in New York City. Madison originally acquired aninterest in Eastbridge from RFR and its partners in 2007. RFRretained an ownership stake and has managed the asset since thattime.

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