Archstone, a real estate developer, has purchased The Frank, a 70-unit building for $56.2 million, the builder announced on Thursday.
This is the second large purchase for the company this week – it announced the acquisition of a $43.95 million property in Marina del Rey on Tuesday. The Frank is located on 512 Rose Avenue and will be renamed Archstone Venice on Rose.
“Archstone 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,” said Charles E. Mueller Jr., Archstone’s president and chief operating officer, in a statement. “We are excited about the opportunity to own and manage this brand-new apartment community in a city filled with the popular attractions and employment opportunities people are looking for today.”
The Colorado-based developer owns properties in 182 communities nationwide. Locally, it owns three buildings in Santa Monica, three in Marina del Rey and one in Playa del Rey.