Highlights:

•  Development joint venture with TMG Partners and Regis Homes of Northern California

•  First phase of The Crossing, a 20-acre master-planned community being developed by TMG Partners and Regis Homes that is transforming former U.S. Navy property into a new downtown for San Bruno, a city of approximately 40,000 residents on the densely populated San Francisco Peninsula

•  Hailed as San Bruno's "new downtown," The Crossing will feature more than 1,000 residential units along with hotel, retail and restaurant space when fully developed

•  Meridian Luxury Apartments is a five-story residential building that opened in October 2004 and was named one of the Market-Rate Residential Real Estate Deals of the Year by the San Francisco Business Times in March 2005

•  Construction financed through the sale of tax-exempt bonds issued by the Association of Bay Area Governments to facilitate the development of affordable housing; 20% of the apartments are designated for low-income residents

•  Also invested in the development of Phase II of The Crossing -- Paragon Luxury Apartments, a 185-unit market-rate and affordable apartment project built on an adjacent site

•  Fully leased when sold in December 2005; Paragon was sold in March 2006 while still under construction

• Meridian and Paragon are now collectively known as "Archstone San Bruno" (Click here to learn more about the newly named property)