Archstone
| Company type | Public company |
|---|---|
| Industry | Real estate investment trust |
| Founded | 1998 |
| Founder | William D. Sanders (via predecessor Security Capital) |
| Defunct | 2013 |
| Fate | Portfolio acquired by Equity Residential and AvalonBay Communities |
Area served | United States |
| Products | Apartment communities |
Archstone functioned as a real estate investment trust with a focus on apartments. In 2007, it was purchased by Tishman Speyer alongside Lehman Brothers. Later, in 2013, its portfolio was acquired by Equity Residential and AvalonBay Communities. At the time of its dissolution, Archstone's holdings included more than 40,000 apartment units.
History
Archstone Communities was created in 1998 through the merger of Security Capital Pacific Trust and Security Capital Atlantic Inc., combining ownership of 304 properties encompassing 90,166 apartment units. Security Capital was originally established in 1990 by William D. Sanders.
In 2001, Archstone expanded by acquiring Charles E. Smith Residential Realty—the preeminent real estate owner within the Washington, D.C. metropolitan area—in a transaction valued at $2.2 billion.
The firm was bought in 2007 for $22.2 billion by Tishman Speyer and Lehman Brothers. At that point, Archstone held stakes in 359 apartment complexes with a total of 87,667 units. Subsequently, on February 27, 2013, Equity Residential and AvalonBay Communities finalized a $9 billion purchase of Archstone from Lehman Brothers.