Lee & Associates Transacts an $80 Million Multifamily Acquisition for Archstone
Torrance, CA – June 22, 2011 – (RealEstateRama) — In one of the largest Class A multifamily transactions on the West Coast this year, Denver-based Archstone has acquired a 187-unit condominium development for $80 million from McFarlane Partners of San Francisco. Jim Fisher, a principal with Lee & Associates-LA North/Ventura, Inc., and Stephen Peters, a principal with Lee & Associates-Investment Services Group, represented both the buyer and the seller in the transaction.
The all-cash sale of the Grand Luxe Peninsula at 1051 National Ave. in San Bruno, Calif. closed at the premium price of $427,807 per door. This transaction helped complete a 1031 exchange for the buyer.
“Archstone has come back into the market to further increase its large presence in this highly desirable submarket, having already acquired two adjoining properties in 2006,” said Fisher. Peters added, “We started working with the team at McFarlane Partners two years prior on other portfolio assets across the country so we had a pretty good indicator as to where a transaction would have to close to satisfy both parties.”
Grand Luxe Peninsula, one of the flagship assets of the 20-acre former U.S. Naval base redevelopment known as the Crossing at San Bruno, was developed as a condominium but with the collapse of the residential housing market was never occupied. With the acquisition, Archstone plans to lease the property as a multifamily luxury rental. It sits on an urban infill master planned community that also includes 900 multifamily flats, 228 senior housing flats, 150 hotel rooms and a 12,000-square-foot retail center with restaurant that serves the surrounding neighborhood.
The property spans a total of 219,742 square feet and features a versatile mix of 1-, 2- and 3-bedroom flats, as well as two-story townhome residences. Amenities include a two-level fitness center overlooking the pool, gated underground garage and direct-to-your-level elevators, an outdoor pool, hot tub and landscaped courtyard, a community park with children’s playground, gas BBQ and entertainment area and a media and community room.
About Lee & Associates
Celebrating more than 32 years of leadership excellence in commercial real estate, Lee & Associates is one of the largest national commercial real estate providers with regional expertise. As a group of independently owned and operated companies, Lee & Associates currently has 42 offices located in California, Arizona, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, South Carolina, Texas and Wisconsin. Lee & Associates’ clients enjoy a comprehensive range of specialized commercial real estate services including: industrial, office, multifamily and retail property sales and leasing; real estate investment consulting, property acquisition and disposition; tenant representation and relocation, land assemblage, site selection, mixed-us e and urban in-fill, property and portfolio evaluation and market research. Additional information is available at www.lee-associates.com.
