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The Westmont Sells for $87 Million

Archstone-Smith Acquires 163-Unit Property on the Upper West Side
July 27, 2006
Denver-based Archstone-Smith acquired The Westmont, a 163-unit, 16-story property at 730 Columbus Ave. in Manhattan. With a purchase price of $87.8 million, or about $538,000 per unit, the acquisition was funded mainly through tax-deferred exchange proceeds from apartment communities that Archstone-Smith has sold, and the assumption of $24.2 million in secured debt that will be paid off with the proceeds from the company's recent convertible debt offering. The seller was Columbia Westmont Associates LP.

The Westmont is between 95th and 96th streets in Manhattan's Upper West Side neighborhood. The community is one block from Central Park and the 96th St. subway stations, and close to Riverside Park. The Westmont features ground floor retail space occupied by a high-end wine retailer, delicatessen and gourmet food market.

Archstone-Smith's portfolio includes approximately 250 multifamily properties and 86,500 units concentrated primarily in Southern California, the San Francisco Bay area, Boston, Southeast Florida, Chicago, Seattle, and the New York City and Washington, D.C. metropolitan areas.

For more information, see COMP # NYA-94260-07-0620.
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