Client Profile
Archstone Smith, LLPL
5720 Hollis Street, Emeryville, CA
Seller:
Papermill Properties
Buyer:
Archstone Smith
Square Feet:
128,294
Challenges: Aegis worked on behalf
of Archstone Smith to find a well
located development site in the
constrained Emeryville market. Aegis
identified a redevelopment opportunity
and successfully competed with other
offers. This investment provided near
term cash flow to mitigate carrying
cost during the entitlement and
redevelopment process.
Archstone-Smith (NYSE: ASN), a S&P 500 company, is
a recognized leader in apartment investment and
operations. With a current total market capitalization
of approximately $20 billion, the company’s portfolio
is concentrated in many of the most desirable
neighborhoods in the Washington, D.C.
metropolitan area, Southern California, the
San Francisco Bay Area, the New York metropolitan
area, Seattle and Boston. The company continually
upgrades the quality of its portfolio through the
selective sale of assets, using proceeds to fund
investments in markets with even better growth
prospects.
Through its two brands, Archstone and
Charles E. Smith, Archstone-Smith strives to provide
great apartments and great service to its customers
– backed by unconditional service guarantees. As of
March 31, 2007, Archstone-Smith owned or had an
ownership position in 344 communities, representing
86,014 units, including units under construction.
