Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here, and for more retail coverage, click GlobeSt.com/RETAIL.)

SAN FRANCISCO-St. Francis Place, the massive, 410-unit apartment complex here, rests in the portfolio of Denver-based Archstone-Smith this morning, the result of a $170-million buy disclosed over the weekend. The acquisition was funded mostly through the tax-deferred capital gained from shedding what a statement calls “apartment communities that no longer meet the company’s long-term investment criteria.” Also funding the buy was $53 million in OP units.

“Our strategy is to own apartments in the most desirable neighborhoods in the country, where housing is exceptionally expensive,” says Archstone chairman and CEO R. Scot Sellers in the statement. “St. Francis Place is a perfect fit with that strategy.”

St. Francis Place features more than 25,000 sf of on-site, ground-floor retail space occupied by a variety of businesses, including two upscale restaurants, a full-service salon and day spa. The property’s one-, two-, and three-bedroom apartments feature generous floor plans, patios/balconies, and 10-ft ceilings and washers/dryers in select units. The community will operate under the company’s Archstone brand.

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?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

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

Get More Information


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
Live Chat

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