Summary
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.
| Industry | Real estate |
|---|---|
| Founded | 1946 |
| Defunct | February 27, 2013 |
| Fate | Acquired |
At the time of the liquidation of the company in 2013, it owned over 40,000 apartment units.
History edit
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.[1][2] Security Capital had been founded by William D. Sanders in 1990.[3]
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.[4][5]
In 2007, the company was acquired by Tishman Speyer and Lehman Brothers in a $22.2 billion transaction.[6] At that time, the company owned interests in 359 apartment communities including 87,667 apartment units. On February 27, 2013, Equity Residential and AvalonBay Communities closed a $9 billion deal to acquire the company from Lehman Brothers.[7][8]
References edit
- ^ "Security Capital to Merge 2 Apartment REITS". Los Angeles Times. Bloomberg News. April 3, 1998.
- ^ "Two REITs, one brand". CNN. April 2, 1998.
- ^ "William Sanders leads the field in anticipating real estate trends In 6 years, investor has amassed $5 billion property portfolio". The Baltimore Sun. Bloomberg News. June 9, 1996.
- ^ Smith, Ray A. (May 4, 2001). "Archstone Communities Agrees to Buy Charles E. Smith for $2.2 Billion in Stock". The Wall Street Journal.
- ^ Spinner, Jackie (May 5, 2001). "Apartment Giants To Join Forces; Charles E. Smith Makes $3.5 Billion Deal" (PDF). The Washington Post.
- ^ "Partnership of Tishman Speyer and Lehman Brothers Completes Acquisition of Archstone-Smith Trust" (Press release). Business Wire. October 5, 2007.
- ^ "Equity Residential Announces Closing of $9 Billion Archstone Acquisition" (Press release). Business Wire. February 27, 2013.
- ^ "AvalonBay Completes Archstone Acquisition" (Press release). Business Wire. February 27, 2013.