NEW YORK CITY-Munich-based Allianz Real Estate has teamed up with Colorado-based apartment investment firm Archstone and the Canada Pension Plan Investment Board (CPPIB) to form a $200 million-plus joint venture agreement for two class A luxury apartment communities in Boston and the Washington DC metro area. Under this transaction, Allianz and CPPIB have invested approximately $108 million each into the recapitalization of two Archstone communities, including its 426-unit, 383,537-square-foot North Point in Boston and its 393,112-square-foot, 392-unit Woodland Park complex in Herndon, VA, a submarket of the DC metro area, has learned.

In terms of financing, Archstone will retain a 20% stake in both communities, with CPPIB and Allianz owning the remaining 80% in equal proportion, according to a company statement. Archstone and CPPIB have also formed a three-year development joint venture program.

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