Archstone-Smith Trust
| Industry | Real estate |
|---|---|
| Fate | Acquired |
| Defunct | 2013 |
| Website | www |
Archstone was a real estate investment trust that invested in apartments. In 2007, the company was acquired by Tishman Speyer and Lehman Brothers and, in 2013, the company's assets were acquired by Equity Residential and AvalonBay Communities.
At the time of the liquidation of the company in 2013, it owned over 40,000 apartment units.
In 1998, Security Capital Pacific Trust and Security Capital Atlantic Inc. merged to form Archstone Communities. The merged company owned 304 properties and 90,166 apartments. Security Capital had been founded by William D. Sanders in 1990.
In 2001, the company acquired Charles E. Smith Residential Realty, the apartment company founded by Charles E. Smith and the largest real estate owner in the Washington, D.C. metropolitan area, in a $2.2 billion transaction.
In 2005, the company purchased 25 apartment complexes from Oakwood Worldwide for $1.1 billion.
In 2007, the company was acquired by Tishman Speyer and Lehman Brothers in a $22.2 billion transaction. At that time, the company owned interests in 359 apartment communities including 87,667 apartment units.
In 2011, the company acquired a 224-unit apartment community in Marina del Rey, California.
In 2012, the company acquired a 192-unit apartment community in Sunnyvale, California and a 285-unit apartment community in Dedham, Massachusetts.
On February 27, 2013, Equity Residential and AvalonBay Communities closed a $9 billion deal to acquire the company from Lehman Brothers.
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Wikipedia