The Archstone transaction adds an attractive collection of assets, which complements our portfolio on three important dimensions: geographic allocation, submarket positioning, and price point. The addition of these communities and future developments provides important scale benefits for market presence, brand penetration and G&A leverage, which we believe will strengthen our competitive position over time.
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ARCHSTONE FIRST AND M–WASHINGTON, DC
In November 2012, we announced that we would acquire approximately 40% of the assets of Archstone. This sizable transaction accelerates our growth, consistent with our long-stated strategy of more deeply penetrating our core coastal markets.