Archstone Acquires Silicon Beach Property
- Nov 29, 2012
Los Angeles—The Frank, a Venice, Calif. multifamily property, was the subject of a recent deal resulting from an Archstone-sponsored partnership. The company is currently on a shopping spree that includes the acquisition of a 205-unit apartment community in Marina del Rey, as well as a 237-unit Washington D.C. residential property. Archstone paid $56.2 million for the property and has also decided to rename the asset Archstone Venice on Rose.
The 70-unit Venice apartment community is located in close proximity to the famous Venice Beach, and it is part of a growingly tech-centric area of California that has been dubbed Silicon Beach.
A number of high profile technology companies have relocated to Venice in recent years, a move that has also brought new dining and entertainment venues to the area. Archstone’s president and CEO, Charles E. Mueller Jr., noted that the new entry to the company’s multifamily portfolio “is located in a highly desirable neighborhood with expensive single-family homes and very limited land on which to build new housing.” He also remarked that the area is part of “a city filled with the popular attractions and employment opportunities people are looking for today.”
Offering easy access to job centers such as Santa Monica, Century City, Westwood, Brentwood and Beverly Hills through its placement near the California Highway I, I-10 and the 405, Archstone Venice on Rose is seen as a great choice for young professionals. The LEED Platinum-certified community’s amenities include a resident lounge with full kitchen and media center, dog run, community garden and solar water heating, as well as a parking garage. Units feature 11-foot ceilings, stone countertops, kitchen islands, stainless steel appliances and upgraded fixtures.