Archstone
{{Short description|US real estate investment trust}}
{{Infobox company
| name = Archstone Enterprise LP
| industry = Real estate
| fate = Acquired
| foundation = {{start date and age|1946}}
| defunct = {{End date|2013|2|27}}
}}
Archstone was a real estate investment trust that invested in apartments. In 2007, the company was acquired by Tishman Speyer and Lehman Brothers and, in 2013, the company's assets were acquired by Equity Residential and AvalonBay Communities.
At the time of the liquidation of the company in 2013, it owned over 40,000 apartment units.
History
In 1998, Security Capital Pacific Trust and Security Capital Atlantic Inc. merged to form Archstone Communities. The merged company owned 304 properties and 90,166 apartments.{{cite news | url=https://www.latimes.com/archives/la-xpm-1998-apr-03-fi-35493-story.html | title=Security Capital to Merge 2 Apartment REITS | agency=Bloomberg News | work=Los Angeles Times | date=April 3, 1998}}{{cite news | url=https://money.cnn.com/1998/04/02/deals/reits/ | title=Two REITs, one brand | work=CNN | date=April 2, 1998}} Security Capital had been founded by William D. Sanders in 1990.{{cite news | url=https://www.baltimoresun.com/1996/06/09/william-sanders-leads-the-field-in-anticipating-real-estate-trends-in-6-years-investor-has-amassed-5-billion-property-portfolio/ | title=William Sanders leads the field in anticipating real estate trends In 6 years, investor has amassed $5 billion property portfolio | agency=Bloomberg News | publisher=The Baltimore Sun | date=June 9, 1996}}
In 2001, the company acquired Charles E. Smith Residential Realty, the apartment company founded by Charles E. Smith and the largest real estate owner in the Washington, D.C. metropolitan area, in a $2.2 billion transaction.{{cite news | url=https://www.wsj.com/articles/SB988930171661065815 | title=Archstone Communities Agrees to Buy Charles E. Smith for $2.2 Billion in Stock | first=Ray A. | last=Smith | work=The Wall Street Journal | date=May 4, 2001 |url-access=subscription }}{{cite news | url=http://voices.washingtonpost.com/postmortem/Apartment_Giants_To_Join_Forces_Charles_E._.PDF | archive-url=https://web.archive.org/web/20170806062952/http://voices.washingtonpost.com/postmortem/Apartment_Giants_To_Join_Forces_Charles_E._.PDF | url-status=dead | archive-date=August 6, 2017 | title=Apartment Giants To Join Forces; Charles E. Smith Makes $3.5 Billion Deal | first=Jackie | last=Spinner | work=The Washington Post | date=May 5, 2001}}
In 2007, the company was acquired by Tishman Speyer and Lehman Brothers in a $22.2 billion transaction.{{cite press release | url=http://www.businesswire.com/news/home/20071005005604/en/Partnership-Tishman-Speyer-Lehman-Brothers-Completes-Acquisition | title=Partnership of Tishman Speyer and Lehman Brothers Completes Acquisition of Archstone-Smith Trust | publisher=Business Wire | date=October 5, 2007}} At that time, the company owned interests in 359 apartment communities including 87,667 apartment units. On February 27, 2013, Equity Residential and AvalonBay Communities closed a $9 billion deal to acquire the company from Lehman Brothers.{{cite press release | url=http://www.businesswire.com/news/home/20130227006598/en/Equity-Residential-Announces-Closing-9-Billion-Archstone | title=Equity Residential Announces Closing of $9 Billion Archstone Acquisition | publisher=Business Wire | date=February 27, 2013}}{{cite press release | url=http://www.businesswire.com/news/home/20130227006606/en/AvalonBay-Completes-Archstone-Acquisition | title=AvalonBay Completes Archstone Acquisition | publisher=Business Wire | date=February 27, 2013}}
References
{{Reflist|1}}
Category:2012 mergers and acquisitions
Category:2007 mergers and acquisitions
Category:American companies established in 1946
Category:Defunct real estate companies of the United States
Category:Real estate companies established in 1946