Exhibit 99.1

News Release

Contact:		H. Andrew Cantor 800-982-9293 · 303-708-5959

Archstone-Smith Completes $1.1 Billion Acquisition of 25
Communities from Oakwood Worldwide

DENVER — August 1, 2005 — Archstone-Smith (NYSE:ASN) announced that it has closed the first round of apartment community acquisitions from Oakwood Worldwide, the leading global provider of corporate housing, comprising 25 communities, 8,228 units, and a total expected investment of $1.1 billion. In total, Archstone-Smith expects to acquire 36 communities from Oakwood; with the remaining communities, representing 4,548 units and a total expected investment of $412.0 million, anticipated to close later this year or during 2006.

“This exceptionally well located portfolio – which enhances our presence in many of our best-performing markets – epitomizes our commitment to improve our portfolio with every investment we make,” said R. Scot Sellers, chairman and chief executive officer. “Ownership of high-quality assets in superior locations, combined with an outstanding operating platform is the cornerstone of our strategy. We are confident this transaction will create tremendous value for our shareholders, our associates and the residents we serve.”

Over 81% of the acquired communities are concentrated in Archstone-Smith’s core markets, including 48% in Southern California and 15% in the San Francisco Bay area. The closing of the portfolio increases Archstone-Smith’s presence in Southern California from 21% to approximately 26% of its national portfolio, giving the company a dominant presence in key submarkets including Marina del Rey, Universal/Studio City, Warner Center, Pasadena and La Jolla – all locations characterized with very expensive home prices and little available land upon which to build additional housing.

The attached portfolio summary provides an overview of Oakwood communities Archstone-Smith closed. Under the terms of the agreement, Archstone-Smith will directly manage 13 of the 25 communities under the Archstone brand name. The remaining communities are subject to a master lease agreement through which Oakwood will lease back and manage for a period of no more than seven years. Archstone-Smith will receive a specified contractual base rent payment from Oakwood, which will then be adjusted annually by the percentage change in the average same-store net operating income growth rate for comparable assets owned by Archstone-Smith in the same submarket.

Archstone-Smith funded this tranche of the acquisition with a combination of operating partnership units, assumed mortgage debt and cash. Operating partnership units represented $319 million, or 8.9 million units, of the total. In addition, Archstone-Smith assumed $372 million of mortgage debt, which has an all-in rate of approximately 5.1%. The cash component of the transaction was $438 million, with $195 million used to pay off of existing Oakwood mortgage debt.

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Archstone-Smith Completes $1.1 Billion Acquisition of 25 Communities from Oakwood Worldwide
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Archstone-Smith (NYSE: ASN) is a recognized leader in apartment investment and operations. With a current total market capitalization of $15.0 billion, Archstone-Smith owns and operates an irreplaceable portfolio of high-rise and garden apartment communities concentrated in many of the most desirable neighborhoods in the Washington, D.C. metropolitan area, Southern California, the San Francisco Bay area, the New York City metropolitan area, Boston, Southeast Florida, Chicago and Seattle. The company continually upgrades the quality of its portfolio through the selective sale of assets, using proceeds to fund investments with even better growth prospects. Through its two brands, Archstone and Charles E. Smith, Archstone-Smith strives to provide great apartments and great service to its customers – backed by unconditional service guarantees. As of July 28, 2005, Archstone-Smith owned or had an ownership position in 252 communities, representing 86,489 units, including units under construction.

Archstone-Smith, an S&P 500 company, was recognized as one of America’s Most Admired Companies for 2004 by Fortune Magazine and ranks 991 on the Forbes 2000 List, the magazine’s comprehensive ranking of the world’s largest companies, for 2005. In addition, the company was recognized as Company of the Year by Colorado Biz Magazine. To find out more, visit ArchstoneSmith.com.

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Archstone-Smith’s archived press releases are available on its web site at www.ArchstoneSmith.com or may be obtained by calling (800) 982-9293.

In addition to historical information, this press release contains forward-looking statements and information under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Archstone-Smith operates, management’s beliefs and assumptions made by management. While Archstone-Smith management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond management’s control. As such, these statements and information are not guarantees of future performance, and actual operating results may differ materially from what is expressed or forecasted in this press release and supplemental information. See “Risk Factors” in Archstone-Smith’s 2004 Annual Report on Form 10-K for factors which could affect Archstone-Smith’s future financial performance.

Archstone-Smith Oakwood Portfolio Acquisition
Community Closings on July 29, 2005

CORE MARKETS

				High-rise/		Number of
Community name		Location/Market		Garden		Units
SOUTHERN CALIFORNIA
Archstone La Jolla Colony		La Jolla, Calif.		Garden		180
Archstone Old Town Pasadena		Pasadena, Calif.		Garden		96
Archstone Thousand Oaks		Thousand Oaks, Calif.		Garden		154
Oakwood Long Beach Marina*		Seal Beach, Calif.		Garden		549
Oakwood Marina del Rey*		Marina del Rey, Calif.		Garden		597
Oakwood Toluca Hills*		Los Angeles		Garden		1,151
Oakwood Woodland Hills East*		Woodland Hills, Calif.		Garden		883
WASHINGTON, D.C. METROPOLITAN AREA
Oakwood Arlington*		Arlington, Va.		High-rise		184
SAN FRANCISCO BAY AREA
Oakwood San Francisco*		San Francisco		Garden		15
Oakwood San Jose South*		San Jose, Calif.		Garden		789
Oakwood Mountain View*		Mountain View, Calif.		Garden		402
Archstone Walnut Creek Ridge		Walnut Creek, Calif.		Garden		106
BOSTON, CHICAGO AND SEATTLE
Oakwood Boston*		Boston		High-rise		94
Oakwood Chicago*		Chicago		High-rise		304
Oakwood Seattle*		Seattle		High-rise		147
Archstone Lake Sammamish		Redmond, Wash.		Garden		166
Oakwood Bellevue*		Bellevue, Wash.		Garden		191
		TOTAL CORE MARKET UNITS:				6,008
NON-CORE MARKETS
				High-rise/		Number of
Community name		Location/Market		Garden		Units
Southfield Apartments		Southfield, Mich.		Garden		396
Archstone Midtown		Houston		Garden		243
Archstone Las Colinas		Irving, Texas		Garden		514
Archstone North Dallas		Dallas		Garden		228
LaSalle Apartments		Minneapolis		High-rise		121
Symphony Place		Minneapolis		High-rise		250
Regency Club		Baton Rouge, La.		Garden		312
Archstone City Heights		Portland, Ore.		High-rise		156
		TOTAL NON-CORE MARKET UNITS:				2,220
				TOTAL UNITS:		8,228