Press release via Business Wire:
Archstone, a leader in apartment investment and operations, today announced the acquisition by an Archstone sponsored partnership of The Frank (at 512 Rose), a 70-unit apartment community in Venice, Calif. (Archstone also recently purchased the Bay Club in Marina Del Rey for 44 million.)
The Frank was acquired for a purchase price of $56.2 million and has been renamed Archstone Venice on Rose. Just blocks from the famous Venice Beach, Archstone Venice on Rose is near an array of popular technology companies and numerous shopping, dining and entertainment opportunities.
“Archstone Venice on Rose is located in a highly desirable neighborhood with expensive single-family homes and very limited land on which to build new housing,” said Charles E. Mueller Jr., Archstone’s president and chief operating officer. “We are excited about the opportunity to own and manage this brand-new apartment community in a city filled with the popular attractions and employment opportunities people are looking for today.”
Venice is part of what is now being called Silicon Beach, a collection of venture capital and start-up firms that focus on innovation, the environment and the next generation of technology. It is home to companies like Hulu, Viddy and ShoeDazzle, and several large technology firms, including Yahoo and Google, have a presence there. The Google Venice campus employs more than 300 working professionals and is just four blocks from Archstone Venice on Rose.
In addition, Archstone Venice on Rose offers easy access via California Highway 1, I-10 and the 405 to West LA’s major employment centers in Santa Monica, Century City, Westwood, Brentwood and Beverly Hills. Among the employers with a presence in West LA are Lions Gate Films, Sony Entertainment, Microsoft and MTV.
After working hours, residents of Archstone Venice on Rose are within a short drive or walk to a large selection of shopping and dining options. On site, the community features local retailers and restaurants, like Cafe Gratitude and Piccolo. Residents can also easily walk to great local fare nearby at Rose Cafe, Venice Beach Wines and Oscar’s Cerveteca. Along the Ocean Front walk at the beach are many waterfront restaurants and boutique shops, including the Venice Ale House and Good See Company.
Archstone Venice on Rose offers a living experience to match its location with quality-of-life-enhancing amenities and apartment features. The list of amenities includes a resident lounge with full kitchen and media center, dog run, community garden, solar water heating and a parking garage. Inside the Venice Beach apartments, residents enjoy 11-foot ceilings, stone countertops throughout, kitchen islands, designer cabinets, stainless steel appliances and upgraded fixtures. The community has also earned LEED Platinum Certification.
Archstone is one of the largest owners of high-quality apartment communities in the United States and is focused primarily on the acquisition, development, redevelopment, operation and management of apartment communities in select supply-constrained, coastal markets. The company’s portfolio is concentrated in many of the most desirable neighborhoods within the metropolitan areas of Washington, D.C., Southern California, the San Francisco Bay Area, New York City, Boston, Seattle and Southeast Florida. Archstone strives to provide great apartment rentals and great service to its customers–backed by service guarantees. As of June 30, 2012, the company owned or had an ownership interest in 182 communities in the United States with 59,355 units that were operating or under construction. In addition to its U.S. portfolio, the company also has a European operating platform through which it owns and manages apartment properties in Germany.