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NEW YORK CITY-Archstone-Smith acquired The Westmont, a 163-unit, 16-story high-rise in Manhattan for $87.8 million. The acquisition was funded mainly through tax-deferred proceeds from dispositions of apartment communities that no longer meet the company’s long-term investment criteria, and the assumption of $24.2 million of secured debt that will be paid off with the proceeds from the company’s recent convertible debt offering.

The Westmont is located on Columbus Ave. between 95th and 96th Streets in Manhattan’s Upper West Side neighborhood, known for its collection of height-restricted residential buildings, extensive shopping choices and world-class dining options. The community is one block from Central Park, and consists of studio, one-, two-, and three-bedroom apartments, and has more than 9,000 square feet of on-site, ground floor retail space occupied by a high-end wine retailer, delicatessen and gourmet food market.

Archstone-Smith’s holdings in the New York City metropolitan area consists of 3,908 units, including units under construction, and a total investment of about $1.9 billion. Archstone-Smith refused comment on the deal.

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