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Archstone Buys Rose Avenue Complex for $56.2 Million

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The transformation of Rose Avenue in Venice continued Thursday with Archstone, one of the largest owners of apartment complexes in the country, announcing the acquisition of a 70-unit apartment complex for $56.2 million.

An Archstone sponsored partnership bought The Frank complex at 512 Rose Ave. and it has been renamed Archstone Venice on Rose, the company said in a statement.

“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, in a statement. “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.”

Archstone focuses primarily on acquiring and developing apartment communities in supply-constrained coastal markets. The company’s portfolio includes apartment complexes in the San Francisco Bay area, New York City, Boston, Seattle, southeast Florida and Southern California, including a strong presence in Marina del Rey.

–Venice Dispatch
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