LOS ANGELES, CA – ASB Real Estate Investments announced today the acquisition of a recently constructed two-building, Class-A apartment-retail complex in Santa Monica for $83 million. The property was purchased from CG Seventh Street, LLC, a joint venture of Century West, Cypress Equity, and CIGNA on behalf of ASB’s Allegiance Fund, a $6.2 billion core real estate investment vehicle.

Completed in 2015 and located at the corner of 7th Street and Arizona Avenue, the Gibson Santa Monica investment consists of two luxury rental apartment buildings totaling 106 units, including 11 affordable units, and 7,800 square feet of retail space. The property’s central location is just blocks from Santa Monica’s beachfront and Third Street Promenade with many nearby restaurants and stores. A Whole Foods and Vons Market are within walking distance and the location registers high pedestrian, bike and transit friendly scores from walkscore.com.

The new apartments feature high-end, high-tech finishes and amenities, including open kitchens, built-in Bluetooth speakers, hardwood flooring, stainless steel appliances, private balconies, large bedrooms and nine-foot ceilings. The buildings also feature two roof decks with sweeping views and a secure underground parking garage. The property is 97% leased with four retail tenants—a yoga studio, health food restaurant, café, and fitness gym.

Aaron Duncan, ASB Senior Vice President and Head of Western Region Capital Investments, said: “The investment fits ASB’s strategy to acquire apartment properties in supply-constrained, high demand urban submarkets, which provide a dynamic and convenient living environment for the local professional workforce. Santa Monica should remain one of LA’s premier residential neighborhoods given its ocean-side location and proximity to high-paying, leading-edge employers throughout the nearby Silicon Beach district.”

ASB’s Los Angeles area portfolio totals $543 million, including the Watermarke luxury high-rise apartment tower in downtown and more than 668,000 square feet of high-street retail, office and multifamily space in walkable urban submarkets including downtown, Santa Monica, Venice, West Hollywood, and the Arts District.

About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $7 billion* in gross assets under management for over 360 domestic and international institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account.

* as of September 30, 2016

The information provided in the release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities.