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<\/a> multifamily property, was the subject of a recent deal resulting from an Archstone-sponsored partnership. The company is currently on a shopping spree that includes the acquisition of a 205-unit apartment community in Marina del Rey, as well as a 237-unit Washington D.C. residential property. Archstone paid $56.2 million for the property, and has also decided to rename the asset Archstone Venice on Rose.<\/p>\nThe 70-unit Venice apartment community is located in close proximity to the famous Venice Beach, and it is part of a growingly tech-centric area of California that has been dubbed Silicon Beach. A number of popular technology companies have relocated to Venice in recent years, a move that has also brought a number of dining and entertainment venues to the area. Archstone\u2019s president and CEO, Charles E. Mueller Jr., noted that the new entry to the company\u2019s multifamily portfolio \u201cis located in a highly desirable neighborhood with expensive single-family homes and very limited land on which to build new housing.\u201d He also remarked that the area is part of \u201ca city filled with the popular attractions and employment opportunities people are looking for today.\u201d<\/p>\n
Offering easy access to job centers such as Santa Monica, Century City, Westwood, Brentwood and Beverly Hills through its placement near the California Highway I, I-10 and the 405, Archstone Venice on Rose is seen as a great choice for young professionals. The LEED Platinum certified community\u2019s amenities include a resident lounge with full kitchen and media center, dog run, community garden and solar water heating, as well as a parking garage. Units feature 11-foot ceilings, stone countertops, kitchen islands, stainless steel appliances and upgraded fixtures.<\/p>\n
Image courtesy of livefrankly<\/em> via Facebook<\/p>\n","protected":false},"excerpt":{"rendered":"The Frank, a Venice, CA multifamily property, was the subject of a recent deal resulting from an Archstone-sponsored partnership. The company is currently on a shopping spree that includes the acquisition of a 205-unit apartment community in Marina del Rey, as well as a 237-unit Washington D.C. residential property. Archstone paid $56.2 million for the property, and has also decided to rename the asset Archstone Venice on Rose.<\/p>\n","protected":false},"author":237,"featured_media":1004506623,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1594,21742],"tags":[],"class_list":["post-1004050254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-los-angeles","category-latest"],"acf":[],"yoast_head":"\n
Archstone Acquires Silicon Beach Residential Property Formerly Known as The Frank - 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-acquires-silicon-beach-residential-property-formerly-known-as-the-frank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Archstone Acquires Silicon Beach Residential Property Formerly Known as The Frank\" \/>\n<meta property=\"og:description\" content=\"The Frank, a Venice, CA multifamily property, was the subject of a recent deal resulting from an Archstone-sponsored partnership. The company is currently on a shopping spree that includes the acquisition of a 205-unit apartment community in Marina del Rey, as well as a 237-unit Washington D.C. residential property. 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