Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-El Paso’s loss will be Denver’s gain when locally-based Archstone Communities creates 120 new high-paying jobs here. Archstone, which is one of the nation’s largest owners of apartment communities, is in the process of buying another REIT, Charles E. Smith Properties Residential Realty, which specializes in developing high-rise, luxury apartment buildings.

As part of the merger expected to close this fall, Archstone is consolidating its accounting operations in El Paso, TX and moving it to Denver.

Archstone plans to lease 64,000 sf in a building across from its headquarters for the new division. Eventually, it plans to build a new headquarters building.

Archstone is hiring about 70 accounting-related positions including corporate and property accounting, property tax and accounts payable. In addition, the company will add about 50 positions to its payroll, benefits, IT, internal audit, communications, training, insurance and risk management groups.

Peter Webb, Archstone’s spokesman, declined to say the salary range, but says they will be competitive. A local economist tells GlobeSt.com those positions typically pay between $43,000 and $90,000.

”In a time when many Denver companies are cutting back staff, we are pleased to be expanding our local workforce,’ says Charles E. Mueller Jr., chief financial officer for Archstone. ”Given that our impending merger with Charles E. Smith Residential Realty will increase Archstone’s size by 50%, it makes sense to centralize our accounting and finance functions and to staff at our corporate headquarters. We do not anticipate any problems in finding qualified candidates, given the abundance of talent in the Denver market.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.