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Ground broken on new rental townhome development

Posted: April 5, 2012 3:17 p.m.
Updated: April 5, 2012 3:17 p.m.
 

A new 157-unit rental townhome development in Santa Clarita was announced by Archstone today in a groundbreaking ceremony. Archstone is a leading Denver-based apartment investment and operations company.

 

The 12.49 acre site is just east of the 14 freeway on Via Princessa and Lost Canyon Road, and is a joint venture between Archstone and Resmark, a full-service real estate investment advisor.

 

Archstone has reportedly been divesting its portfolio of a few rental properties around the country to invest in areas that it considers to be stronger markets.

 

“We are excited to partner with Resmark, a well-respected organization, to begin the development of another high-quality community in our largest market – Southern California,” said Neil Brown, Archstone’s chief development officer. “As one of the largest owners and operators in the market, we believe Archstone Santa Clarita will be an excellent addition to the 55 communities and 18,570 units we already own and/or operate there.”

 

A follow-up story on Archstone and the new townhome development and follows in Saturday’s business section.

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