X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.