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SAN BRUNO, CA-The Colorado-based apartment REIT Archstone-SmithTrust has acquired its second asset here, paying $65.1 million forthe Paragon Luxury Apartments. The 185-unit multifamily complexrepresents the second phase of the Crossing at San Bruno, a masterplanned mixed-use development rising from a 20-acre former US NavyProperty.

In December, Archstone-Smith paid $101.2 million for the300-unit Meridian Luxury Apartments located next to the Paragondevelopment. The developer and seller of both properties is a jointventure of Regis Homes, TMG Partners and MacFarlane Partners. SanFrancisco-based MacFarlane invested in Meridian and Paragon onbehalf of its venture with the California Public Employees'Retirement System. Mary Ann King and Brett Betzler of Moran &Co. brokered both the Paragon and Meridian transactions.