Archstone
| Industry | Real estate |
|---|---|
| Fate | Acquired by Equity Residential and AvalonBay Communities |
| Defunct | 2013 |
| Website | archstoneapartments.com |
Archstone was one of the largest investors, developers and operators of apartment communities in the United States. As of June 30, 2011, the company owned or had an ownership position in 434 communities located in the United States and Europe, representing 77,084 units, including units under construction. Nearly all of Archstone's portfolio is concentrated in large coastal cities, including Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle, and Boston.
On October 5, 2007, the firm was taken private in a US$22.2 billion acquisition by the private real estate builder-operator firm Tishman Speyer and Lehman Brothers Holdings Inc., in alliance with several major United States investment banks. On February 27, 2013, Equity Residential announced that it had closed a $9 billion deal to acquire Archstone from Lehman Brothers.
In 1946 Charles E. Smith founded The Charles E. Smith Companies, which then grew to become the largest real estate company in the Baltimore-Washington Metropolitan Area.
In 1967, the company formed its division Smith Management Construction (SMCI) to build office interiors within the commercial office buildings owned by the Charles E. Smith Companies. The construction division later expanded outside of the Smith portfolio of properties.
In 1994, The Charles E. Smith Companies formed a publicly traded REIT named Charles E. Smith Residential Realty (formerly : SRW). The new REIT owned 11,000 apartments in the Washington, D.C. area. It also acquired the Smith Management Construction division from the former parent company.
In 1993, Smith Residential Realty had earned about $10 million.
While going public during the 1994 economic soft landing, the new REIT paid about 8.4% in dividend yield during its first year, while the stock stayed in a narrow trading range. Earnings that year came in at about $13 million.
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