(Read more on the multifamily market.)

DENVER-Some 78% of the shareholders of locally based REIT Archstone-Smith Trust gave their blessing to their acquisition by a joint venture of Tishman Speyer Real Estate Venture VII and Lehman Brothers Holdings Inc. A special meeting held Tuesday produced stakeholders representing 98.9% of the REIT’s common shares. The acquisition is being valued at $22 billion.

The deal calls for the Tishman/Lehman entity to pick up all outstanding common shares of the trust for $60.75 per share. In addition, “holders of Archstone-Smith Operating Trust’s Class A-1 common units will receive, for each such unit, one newly issued Series O preferred unit of Archstone-Smith Operating Trust,” a statement reveals. They can also opt for a “cash payment equal to $60.75.”

The transaction is being financed by equity provided by both of the buyers as well as equity and debt capital from Lehman, Banc of America Strategic Ventures, Inc., and Barclays Capital.

As GlobeSt.com reported earlier this week, Archstone agreed to settle all outstanding shareholder lawsuits regarding the deal. The settlement is still subject to court approval. Earlier this month, the trust also extended a deadline for the close of the merger to Oct. 4 from Aug. 31. The company waived a condition calling for unitholders to release Archstone-Smith and its buyers from previously existing tax protection agreements.

Archstone’s statement puts the firm’s full or partial ownership portfolio at “348 communities, representing 87,631 units, including units under construction.”

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