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Press Release

Acappella at The Crossing — Newly Built Apartment Community on the San Francisco Peninsula — is Sold

August 10, 2010

A joint venture between MacFarlane Partners and SNK Realty Group has sold Acappella at The Crossing, a multifamily residential community in San Bruno, California, to Behringer Harvard.

Completed by the MacFarlane-SNK venture in 2009, Acappella consists of 163 rental apartments that have one- and two-bedroom floor plans. It was built by the two firms concurrently with the adjacent Grand Luxe Peninsula, a for-sale residential community with 187 condominiums that was completed in 2010.

Acappella and the Grand Luxe Peninsula were developed as Phase III of The Crossing, a a 20-acre, master-planned community near San Francisco International Airport that has transformed former U.S. Navy property into a new downtown for San Bruno, a city of 40,000 residents on the densely populated San Francisco Peninsula

The Crossing has ready access to both of the Peninsula’s major commute corridors (Interstate 280 and U.S. Highway 101) and is within walking distance of the recently renovated Shops at Tanforan regional mall, a BART light-rail transit station (which provides public-transit service to San Francisco and much of the East Bay) and a Caltrain private-rail station (which connects San Francisco and San Jose).

MacFarlane Partners previously had invested in the development of the first two phases of The Crossing through joint ventures with its master developers, TMG Partners and Regis Homes of Northern California. Phase I (Meridian Luxury Apartments) was completed in 2004 and Phase II (Paragon Luxury Apartments) broke ground a year later. Both properties were sold to Archstone and are now collectively called Archstone San Bruno.

Click here to read the press release issued on August 16, 2010, by Moran & Company, which represented Behringer Harvard in the transaction.

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