Archstone Communities Grabs 101-Unit Complex

STUDIO CITY, CA-Archstone Communities acquired the 101-unit Bluffside Mirage apartment complex from TGM Associates for $14 million, according to John Walsh of Marcus & Millichap.

Walsh, who represented both the buyer and the seller says the property at 10925 Bluffside Drive in this San Fernando Valley community was built in 1991, was remodeled in 2001 and was 95% occupied at the time of the sale. The apartments are of wood-frame and stucco construction and are separately metered for gas and electric. They include 43 one-bedroom units ranging in size from 600 to 750 sf and renting for $995 to $1,345; 42 two-bedroom, two-bath units of 1,023 sf that rent for $1,555; 14 two-bedroom, 2.5-bath units of 1,400 sf that rent for $1,900. The two three-bedroom units in the complex, one with 2.5 baths and one with three baths, rent for more than $2,000 each.

Archstone Communities is a division of publicly held Archstone-Smith, and owner, developer and operator of apartment complexes across the nation. The company operates its garden-style apartments under the Archstone Communities name and its high-rise buildings under the Charles E. Smith name.