X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

YORBA LINDA, CA-The Denver-based Archstone-Smith apartment REIT has acquired the 400-unit RiverBend apartment complex from Lyon Capital Management for $98.8 million, further expanding Archstone’s Southern California portfolio after recent buys in Northern California. Local industry sources tell GlobeSt.com that the publicly held REIT plans a renovation play at the complex, which is at 25550 River Bend Dr.

The RiverBend complex, which consists of 50 buildings, was built in 1986 and typically maintains a high occupancy rate, which was about 95% at the time of the recent sale, sources tell GlobeSt.com. The property expands an Archstone-Smith Orange County portfolio that includes complexes throughout the county, adding to Southern California holdings that include Archstone properties throughout the region.

The Denver-based REIT, in its latest quarterly financial filings, named Southern California as one of its top regions, stating that strong operating income growth for the latest quarter “was driven principally by strong NOI growth in the Washington, DC metropolitan area, Southern California and the New York City.” Those three metropolitan areas represent more than 72% of the REIT’s portfolio.

Archstone has not yet formally announced the RiverBend acquisition, which was brokered by Curtis Gardner of Arroyo & Coates. Gardner was unavailable for comment Friday.

The RiverBend property is a 50-building complex that consists of one- and two-bedroom units that range from 800 sf to 1,128 sf. Rents range from about $1,300 to $1,700, according to the web site for the complex.

The RiverBend deal follows recent Archstone-Smith acquisitions in Northern California, where it has acquired more than 1,200 units this year. Among these was its recent purchase of the 360-unit Bay Landing complex in the East Bay area of San Francisco for $75.6 million.

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
 

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
Live Chat

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