Archstone Buys Manhattan Apartments

Archstone-Smith, a Denver-based multifamily real estate investment trust, has acquired a 550-unit Manhattan apartment property for $342 million.The acquisition was funded with tax-deferred proceeds from the dispositions of other assets, $7.5 million of operating partnership units, the assumption of $100.5 million of tax-exempt floating-rate bond financing, and $11.8 million of conventional debt (at an interest rate of 4.1%), the REIT reported. With this acquisition, the company's investment in the New York City metropolitan area now represents about 13% of Archstone's national portfolio, totaling $1.5 billion and 3,283 units, Archstone said.