BOSTON (MarketWatch) — Archstone-Smith early Friday said it has bought two high-rise apartment complexes in New York City for a total of $266 million.
The apartment real estate investment trust
said it paid $165 million for a 270-unit complex in Manhattan and $101 million for a 192-unit complex in Brooklyn Heights.
Archstone-Smith said it funded the deals, which add more than 450 units to its New York City metropolitan area portfolio, through tax-deferred exchange proceeds from disposals.
“New York City is an important component of our long-term strategy of owning apartment communities in highly desirable neighborhoods with expensive housing costs,” said Chief Executive R. Scot Sellers in a statement.
Shares of Archstone-Smith fell $1.13 to close at $45.96 on Monday.
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