Archstone Teams up with Bluerock Real Estate
to Develop Brand-new Community in Austin
Austin apartments to meet housing demand with 256 new homes
DENVER – June 15, 2010 – Archstone—a leader in apartment investment, development and operations—announced today that it has entered into a joint venture agreement with Bluerock Real Estate, LLC – a national real estate investment firm with a vast portfolio of multifamily and commercial assets –to complete the development of Austin’s newest luxury apartment community.
Just minutes north of downtown Austin, the brand-new community, Archstone Tech Ridge, will help meet the area’s rapidly growing demand with 256 well-appointed apartment homes and a number of first-class amenities.
“The City of Austin has proven to be a solid model of economic growth for the State of Texas and the entire country,” said Neil Brown, Archstone’s executive vice president of development for the Eastern U.S. “Its sustained growth has generated consistently high demand for high-quality apartment communities. We are pleased to partner with Bluerock Real Estate to meet that demand with Archstone Tech Ridge, which will be a great addition to our portfolio of exceptional communities.
“Close to numerous employers, as well as fantastic shopping, dining and entertainment destinations, Archstone Tech Ridge is ideally situated to produce long-term value not only for the residents who live there, but also for Archstone, Bluerock, our lenders and the neighborhood.”
Within the community, residents will have access to a selection of exclusive amenities, including a 24-hour fitness center with free weights and cardio equipment, a Click! Café Internet Lounge with complimentary Wi-Fi and a resort-style pool with poolside cabanas. Each apartment home will also showcase spacious floor plans, crown molding, stainless steel appliances, and washers and dryers.
“When completed, Archstone Tech Ridge will offer among the most appealing apartment features and amenities of any apartment community in Austin’s Tech Ridge market,” said Jim Babb, senior managing director and head of real estate for Bluerock. “The community is an excellent extension of our commitment to developing and owning multifamily properties that can produce impressive investment returns.”
Recognizing its strong potential for success in the lucrative Austin Tech Ridge area, US Bank is providing debt financing for the construction and lease-up of the community.
“Archstone and Bluerock both have an outstanding track record of developing and managing highly successful apartment communities,” said Karen Klerman, vice president of commercial real estate with US Bank. “We are pleased to have an opportunity to work with both organizations on this extremely well-positioned project and look forward to participating in its successful lease-up process.”
Archstone, which will operate the community, is currently accepting online leasing applications at ArchstoneApartments.com and will open the Tech Ridge leasing office at the Austin apartments this month to begin touring apartment homes. The community’s first residents will move in to their apartment homes at Tech Ridge later this month.
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 apartments and great service to its customers—backed by service guarantees. As of March 31, 2010, the company owned or had an ownership position in 433 communities located in the United States and Europe, representing 81,354 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.
About Bluerock
Bluerock Real Estate, LLC is a national real estate investment firm headquartered in Manhattan with regional offices in Phoenix, Arizona and Southfield, Michigan. Bluerock focuses on acquiring, managing, developing and syndicating stabilized, value-added and opportunistic multifamily and commercial properties throughout the United States. Bluerock and its principals have collectively sponsored or structured real estate transactions totaling approximately 25 million square feet and with approximately $3 billion in value. Bluerock principals have an average of approximately 20 years experience in the finance and real estate fields including financing, development, construction, acquisition, disposition, and management of properties.