{"id":1004047992,"date":"2012-10-08T06:01:24","date_gmt":"2012-10-08T14:01:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004047992"},"modified":"2022-12-08T02:19:26","modified_gmt":"2022-12-08T10:19:26","slug":"archstone-partnership-buys-green-apartments-in-venice-calif-for-56m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/archstone-partnership-buys-green-apartments-in-venice-calif-for-56m\/","title":{"rendered":"Archstone Partnership Buys Green Apartments in Venice, Calif., for $56M"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

\"\"<\/a>

Courtesy of livefrankly.com<\/p><\/div>\n

A partnership sponsored by Archstone, of Englewood, Colo., has purchased The Frank, an upscale 70-unit apartment complex in Venice, Calif., for $56.2 million, Archstone announced late last week. The LEED Platinum\u2013certified complex has been renamed Archstone Venice on Rose.<\/p>\n

\u201cArchstone Venice on Rose is located in a highly desirable neighborhood with expensive single-family homes and very limited land on which to build new housing,\u201d said Charles E. Mueller Jr., Archstone\u2019s president & CEO. Archstone declined to release further details on the transaction.<\/p>\n

Archstone emphasized the complex\u2019s proximity to major Silicon Beach tech employers such as Hulu, Viddy, Yahoo and Google and its easy access to West L.A. employers like Lions Gate Films, Sony Entertainment, Microsoft and MTV.<\/p>\n

The 220,000-square-foot property, which includes 9,800 square feet of retail\/restaurants, consists of a mix of one- and two-bedroom and town-home units. It was developed by Gerding Edlen, Portland, Ore., and completed earlier this year.<\/p>\n

Amenities include a resident lounge with full kitchen and media center, dog run, community garden and a parking garage. The apartments feature 11-foot ceilings, stone countertops, kitchen islands, designer cabinets, stainless-steel appliances and upgraded fixtures.<\/p>\n

The Frank was the first completed project in the portfolio of buildings being developed through Gerding Edlen\u2019s Green Cities I fund, with properties in Southern California, San Francisco, Seattle and\u00a0Boston.<\/p>\n

Sustainable\/eco-conscious features include high-efficiency heat pumps, boilers and light fixtures; a solar hot water system that will meet 70 percent of the building\u2019s annual demand; low-flow water fixtures; an energy-efficient fa\u00e7ade; local and recycled materials; nontoxic finishes; and 100 percent drought-tolerant landscaping. Overall, the complex\u2019s energy consumption is estimated at one-third less than a typical building.<\/p>\n

The current multi-family vacancy rate in the Marina del Rey\/Venice\/Westchester submarket is 4.6 percent, down 220 basis points from a year prior, according to a third-quarter 2012 report from Marcus & Millichap. Average effective rents are reportedly a hefty $2,046, up 5.6 percent year-over-year.<\/p>\n

\u201cHealthy private-sector job growth and a wavering single-family housing market\u201d in Los Angeles County, the report predicts, will bolster the apartment market through year\u2019s end. Vacancies are expected to fall and rents to rise, though the report cautions that \u201cprojected completions may overshadow demand in the coming months.\u201d<\/p>\n

 <\/p>\n

\n","protected":false},"excerpt":{"rendered":"

A partnership sponsored by Archstone has purchased The Frank, an upscale 70-unit apartment property, for $56 million.<\/p>\n","protected":false},"author":882,"featured_media":1004047995,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21752,21742,21749,21786,15],"tags":[],"class_list":["post-1004047992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-mixed-use","category-latest","category-retail","category-sustainability","category-west"],"acf":[],"yoast_head":"\nArchstone Partnership Buys Green Apartments in Venice, Calif., for $56M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/archstone-partnership-buys-green-apartments-in-venice-calif-for-56m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Archstone Partnership Buys Green Apartments in Venice, Calif., for $56M\" \/>\n<meta property=\"og:description\" content=\"A partnership sponsored by Archstone has purchased The Frank, an upscale 70-unit apartment property, for $56 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/archstone-partnership-buys-green-apartments-in-venice-calif-for-56m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-10-08T14:01:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T10:19:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/10\/THE-FRANK.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"612\" \/>\n\t<meta property=\"og:image:height\" content=\"425\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/archstone-partnership-buys-green-apartments-in-venice-calif-for-56m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/archstone-partnership-buys-green-apartments-in-venice-calif-for-56m\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Archstone Partnership Buys Green Apartments in Venice, Calif., for $56M\",\"datePublished\":\"2012-10-08T14:01:24+00:00\",\"dateModified\":\"2022-12-08T10:19:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/archstone-partnership-buys-green-apartments-in-venice-calif-for-56m\\\/\"},\"wordCount\":396,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/archstone-partnership-buys-green-apartments-in-venice-calif-for-56m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/10\\\/THE-FRANK.jpg\",\"articleSection\":[\"Investment\",\"Mixed Use\",\"News\",\"Retail\",\"Sustainability\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/archstone-partnership-buys-green-apartments-in-venice-calif-for-56m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/archstone-partnership-buys-green-apartments-in-venice-calif-for-56m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/archstone-partnership-buys-green-apartments-in-venice-calif-for-56m\\\/\",\"name\":\"Archstone Partnership Buys Green Apartments in Venice, Calif., for $56M - 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