ArchCo Residential

ArchCo Residential

ArchCo Residential was founded in 2013 by Neil Brown, former Chief Development Officer of Archstone, to pursue multifamily development opportunities in select markets across the United States.  ArchCo Residential’s experienced and proven development team has a long, successful track record and, in a short time, has built a robust development pipeline.  ArchCo’s team members have an average of more than 30 years of real estate development experience extending through several real estate cycles.

In October 2013, Mr. Brown and two former Archstone colleagues formed a partnership (“KNR”) and started construction on a 444-unit multifamily project (total project cost in excess of $100 million) in San Diego, California and in January 2016, began construction on a 510-unit multifamily project (total project cost in excess of $150 million) in Huntington Beach, California.  Monogram Residential Trust, Inc. (NYSE: MORE), formerly known as Behringer Harvard Multifamily REIT I, Inc., is providing the capital for both of these projects.  In addition, ArchCo Residential and Bluerock Residential Growth REIT, Inc. (NYSE: BRG) have three multifamily communities under development – one each in Charlotte, North Carolina, suburban Dallas, Texas, and Fort Lauderdale, Florida.

Many of the principles that guide ArchCo Residential were derived from Archstone where Mr. Brown spent more than 17 years culminating in serving as Chief Development Officer from 2010 until the company was acquired by Equity Residential and AvalonBay Communities in February 2013.  Archstone was one of the most successful apartment companies in the nation and, at  the  time  that  it  was  acquired,  was  one  of  the  largest  owners  of  high-quality  apartment  communities  in the  United  States.  Highly  respected  in  the  real  estate  industry,  the  company’s  focus  was  primarily  on  the  acquisition, development,  redevelopment,  operation  and  management  of  apartment  communities  in  select  supply-constrained, coastal  markets.  Prior  to  the  closing  of  the  sale  to  AvalonBay  and  Equity  Residential,  Archstone  owned  or  had  an ownership  interest  in  181  apartment  communities  in  the  United  States  with  nearly  60,000  units  that  were  operating  or under construction.

From  the  beginning  of  1996  until  it  was  acquired,  Archstone  completed  approximately  $6  billion  of  new  apartment developments  including  complex  urban  high-rise  and  mixed-use  projects  as  well  as  mid-rise  and  garden  communities. Archstone’s  development  pipeline  at  the  time  of  the acquisition,  if  developed  as  planned,  would  have  had  a total investment cost of $5.75 billion.  This development pipeline was comprised of 53 apartment communities that were either under construction or in planning, and encompassed 15,917 apartment units, including the massive CityCenterDC mixed-use development project in the heart of Washington, DC.

Archstone’s development team, a team that was built and led by Mr. Brown, was comprised of 82 regional officers and staff. The senior development officers had an average of 23 years of real estate development experience extending through several real estate cycles.