Allianz Real Estate Enters $200 Million Multi-Family Joint Venture
Boston (September 1, 2011) Goulston & Storrs is pleased to announce that it successfully represented Allianz Real Estate in a multi-family joint venture with Colorado-based apartment investment firm Archstone and the Canada Pension Plan Investment Board (CPPIB). The transaction forms a $200 million-plus joint venture agreement for two Class A luxury apartment communities in Boston and the Washington DC metro area. Goulston transactional attorneys David Coombs, Paige Manning and Robert Towsner served as lead counsel to Allianz.
As part of the agreement, Allianz and CPPIB each invested approximately $108 million into the recapitalization of two Archstone communities: Archstone North Point in Boston and Archstone Woodland Park in the Washington, D.C. metro area. Archstone will retain a 20% stake in both communities, with CPPIB and Allianz owning the remaining 80% in equal proportion. Archstone and CPPIB have also formed a three-year development joint venture program.