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DENVER-Archstone Communities, the nation’s second-largest multifamily REIT, is posting leasing rates that surpass absorption rates by 18% and rental rates 6% ahead of budget at its new apartment communities scattered across the country.

The Denver-based REIT says the hardy lease-up rate is a result of a strategy implemented five years ago to concentrate development in markets where it is difficult to initiate new projects. A company statements says it has succeeded in gaining a “solid, strategic presence in some of the nation’s top markets, including California, the Washington, D.C. area and the greater Northeast.”

During the third quarter, Archstone has put $494.3 million of new development communities in lease-up, of which $280.6 million, or 57%, are now better than 94% leased.

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