NEW YORK CITY-Munich-based Allianz Real Estatehas teamed up with Colorado-based apartment investmentfirm Archstone and the Canada PensionPlan Investment Board (CPPIB) toform a $200 million-plus joint venture agreement for two classA luxury apartment communities in Boston and the Washington DCmetro area. Under this transaction, Allianz and CPPIB have investedapproximately $108 million each into the recapitalization of twoArchstone communities, including its 426-unit, 383,537-square-footNorth Point in Boston and its393,112-square-foot, 392-unit Woodland Park complex in Herndon, VA, asubmarket of the DC metro area, GlobeSt.com has learned.

In terms of financing, Archstone will retain a 20% stake in bothcommunities, with CPPIB and Allianz owning the remaining 80% inequal proportion, according to a company statement. Archstone andCPPIB have also formed a three-year development joint ventureprogram.

The investment, says James Stolpestad, CEO ofAllianz Real Estate of America, is “well timed” to allow Germaninvestors to participate in the recovery of the US multifamilysector, while Roland Deger, a spokesman forAllianz Real Estate, tells GlobeSt.com in an e-mail: “Archstone inour opinion is a professional organized company with a strong trackrecord, a high quality portfolio and with excellent services andmanagement.”