flexiblefullpage - default
See the latest Pro Builder Idea Homes
interstitial1 - interstitial
SUBSCRIBE
Currently Reading

Archstone purchases Venice apartment community for $56 million

Advertisement
billboard - default

Archstone purchases Venice apartment community for $56 million

Archstone, one of the largest investors, developers, and operators of apartment communities in the U.S., has acquired The Frank, a 70-unit mixed-use multifamily project in Venice, Calif., for $56 million.

By HZ Staff November 13, 2012
Continue Reading

Archstone, one of the largest investors, developers, and operators of apartment communities in the U.S., has acquired The Frank, a 70-unit mixed-use multifamily project in Venice, Calif., for $56 million.

Three factors accounted for the sale price of the community — a thoughtful design, a market with constrained housing supply, and a high level of sustainability.
 
The Frank, located at 512 Rose Ave., was conceived in the distinctive Venice context — “best described as a hip and artsy enclave,” said Barbara Flammang, a principal of Killefer Flammang Architects, the firm that designed the community.
 
The project, which opened nine months ago, includes two large landscaped courtyards, a yoga studio, and two restaurants.
 
“Despite high monthly rents, which ranged from $3,000 to over $5,000, the apartment community was 98 percent leased at the time of the sale,” said Brent Gaulke of Portland, Ore.-based Gerding Edlin, the building’s developer.
 
Emphasizing the commitment to sustainability, the project includes a solar hot water system and earned LEED Platinum rating. Its energy consumption metric is 34 percent less than a typical building, the developer said.
 
The entitlement process for The Frank was especially demanding because the project’s site had been formerly occupied by the historic Pioneer Bakery, which was highly revered by the local populace, Flammang said. The conflict resulted in numerous community meetings before the city approved the project.
 
Interior highlights include large operable windows and balcony doors to welcome sea breezes; steel trellises; and glass balcony railings. Building materials included hardboard siding, exterior plastic, and red brick veneer.
Advertisement
leaderboard2 - default

Tags

Related Stories

Land cleared for housing development
Land Planning

Helena Habitat for Humanity Aims to Build 1,000 Affordable Homes

A new Habitat for Humanity project in Helena, Mont., aims to deliver 1,000 affordable housing units and outdoor community amenities 

Crane digging into dirt on housing site
Government + Policy

How Eminent Domain May Be Used to Respond to Climate Crises

Eminent domain, which grants the government power to take private property for public use, has displaced thousands of Americans for the sake of infrastructure in the past, but it may be used for a better purpose in a global climate crisis

Bucket loader loading dirt into a dump truck on a construction jobsite
Q+A

Soil Connect Is Moving Dirt and Building Relationships

Cliff Fetner created Soil Connect so builders and developers could more easily move dirt and other aggregates from jobsite to jobsite, but it has expanded to become something much more

Advertisement
boombox2 -

Top Articles

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category

Built on Happiness: Meet Pro Builder's 2023 Builder of the Year

Delaware-based Schell Brothers, our 2023 Builder of the Year, brings a refreshing approach to delivering homes and measuring success with an overriding mission of happiness

A Broken Housing System Hurts American Families

NAHB Chairman's Message: In a challenging business environment for home builders, and with higher housing costs for families, the National Association of Home Builders is working to help home builders better meet the nation's housing needs

Pro Builder 2024 Housing Forecast

Sure there are challenges, but overall, Pro Builder's annual Housing Forecast Survey finds home builders are optimistic about the coming year

Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

Already have an account? Sign In
Create Account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Sign up with Google
Sign up with Facebook
Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Learn more
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

Subscribe today
No, thanks