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Article: Archstone-Smith Acquires 623-Unit Apartment Community in Los Angeles County; Marina del Rey, Calif., Community is Just Minutes From Los Angeles Employment Centers.
- Article from:
- PR Newswire
- Article date:
- March 22, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Archstone-Smith , one of the nation's largest apartment companies, announced the acquisition of Kingswood Village Marina, a 623-unit apartment community in the coastal community of Marina del Rey, Calif., one of the premiere rental markets in Los Angeles County. The community was purchased from Kingswood Village Marina, Ltd. for $87 million. The acquisition was funded principally with tax-deferred exchange proceeds from dispositions of apartment communities that no longer meet Archstone-Smith's long-term investment criteria. The community will operate as Archstone Marina del Rey, under the company's Archstone brand.
"Los Angeles is a significant component of ...