SAN FRANCISCO, Sep 07, 2011 (BUSINESS WIRE) –
Archstone, a leader in apartment investment and operations, announced
today that it has acquired a 3.15-acre development site in the Potrero
Hill neighborhood in San Francisco.

Archstone plans to build a 467-unit, well-appointed apartment community
on the parcel located at the corner of 16th and 7th
streets along Southern Embarcadero Freeway. Construction is expected to
begin by August of 2012.

“The Potrero Hill neighborhood is one of San Francisco’s most sought
after communities today,” said Neil Brown, Archstone’s chief development
officer. “It is home to a number of world-class employers, as well as
great retail and restaurant destinations. Like much of the San Francisco
Bay Area, one of our core markets, opportunities to build an apartment
community in Potrero Hill are extremely limited.”

The development site is also within a mile of dozens of high-technology
employers in the South of Market and Showplace Square neighborhoods. In
addition, the nearby Mission Bay neighborhood is anticipating the
creation of tens of thousands of employment opportunities from two new
developments — the University of California at San Francisco’s Medical
Center and Hospital and Salesforce.com’s global headquarters.

For residents working outside of the area, the San
Francisco apartments will be within one and a half miles of both a
CalTrain and a Bay Area Rapid Transit station. The public transit
systems offer easy access to a vast array of major employers in Silicon
Valley and the East Bay.

Also within a mile of the development site is an eclectic mix of popular
boutique shops, local restaurants and entertainment venues, including
Axis Cafe, the San Francisco Design Center and Bottom of the Hill.

“This is going to be an exciting place to live in an amazing
neighborhood,” said Richard Lamprecht, Archstone’s executive vice
president of development for the West Region. “We’re excited about this
acquisition and looking forward to beginning development on what will be
Archstone’s 22nd apartment community in the San Francisco Bay
Area.”

About Archstone

Archstone is a recognized leader in apartment investment and operations.
The company’s portfolio is concentrated in many of the most desirable
neighborhoods in and around Washington, D.C., Los Angeles, San Diego,
San Francisco, New York, Seattle and Boston. Archstone strives to
provide great apartment
rentals and great service to its customers–backed by service
guarantees. 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. Utilizing
this tremendous amount of expertise and institutional knowledge,
Archstone now also offers comprehensive advisory services to owners and
lenders who want to maximize the value of their assets through Archstone
Real Estate Advisory Services.

SOURCE: Archstone

        Archstone
        Peter Jakel, 720-873-6392
        pjakel@archstonemail.com

Copyright Business Wire 2011

Article source: http://www.marketwatch.com/story/archstone-acquires-development-site-in-san-francisco-2011-09-07