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Politics & Government

Luxury Apartments at The Crossing Renting Briskly

Ready access via transit to Silicon Valley and San Francisco are a big draw, says rental firm.

High-end luxury apartments from the third phase of The Crossing are getting snapped up faster, and at higher rents, than expected.

Denver-based Archstone bought a 187-unit National Avenue housing complex for $80 million four weeks ago. Already, 53 units have been leased “at rental rates in excess of our initial projections,” CEO R. Scot Sellers said in a statement.

Starting rents range from $2,158 for a one-bedroom to $3,304 for a three-bedroom, said company spokesman Peter Jakel.

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Close proximity to trains offering ready access both to San Francisco’s Financial District and to Silicon Valley, which is pushing ever northward, is the selling point.

Construction on , a 20-acre development on a former U.S. Navy site, began in 2002. A half mile from BART, it encompasses 1,063 rental units, a recreation center and retail. The city's Redevelopment Agency provides annual subsidies for 97 very low-income units at housing complex. The only component that remains to be built is a hotel.

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SNK, a developer with offices in California, Arizona and Texas, bought the third phase of The Crossing development—a 350-unit condominium complex—and sold 187 units to Archstone as Grand Luxe Peninsula. The units are legally condominiums, but the company retained the flexibility to take advantage of a vigorous rental market.

In general, rents are shooting up across San Mateo County due to a sluggish homeownership market and housing demand from tech industry workers opting to rent instead of buy, according to new data compiled by Novato-based RealFacts.

As of March 31, Archstone owned some or all of 428 residential communities in the United States and Europe with 76,891 available or under-construction units. The company underwent a financial restructuring in December, shrinking its debt by $5.4 billion.

The company's portfolio is concentrated in upscale neighborhoods in and around Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston.

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