Archstone-Smith Trust on Tuesday agreed to purchase 30 apartment complexes for about $1.4 billion, adding significantly to the company's presence in California.
The deal is the real estate investment trust's seventh acquisition in a year.
The purchase from closely held Oakwood Worldwide, which is based in Los Angeles, involves more than 10,000 apartments, according to Archstone-Smith, with 40% of the portfolio based in Southern California.
The apartments being acquired are in and around 29 cities in all, including Archstone-Smith's core markets of Los Angeles, San Francisco, Washington, Chicago, Boston and Seattle.
Archstone-Smith, based in Englewood, Colo., will manage 15 of the complexes under its own name and lease the others back to Oakwood, which currently manages 30,000 apartments in the U.S., Britain and Asia to provide furnished accommodations for companies.