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                                                                   Exhibit 10.17

                   SEPARATION AGREEMENT AND GENERAL RELEASE
                   ----------------------------------------

     THIS AGREEMENT made and entered by and between Jay S. Jacobson ("Employee")
the undersigned Employee and Archstone Communities Trust (together with its
affiliates and their trustees, directors, officers, shareholders and other
affiliates, collectively referred to hereinafter as "Employer").

     WHEREAS, Employee has been employed by the Employer; and

     WHEREAS, the parties have engaged in discussions resulting in an amicable
and mutually satisfactory separation of Employee's employment with the Employer.
NOW, THEREFORE, in consideration of the mutual covenants and promises set forth
below, the parties hereby agree as follows:

     1.   Employee hereby resigns Employee's employment with Employer effective
          February 22, 2000, the date of separation.

     2.   Upon this Agreement becoming effective as set forth in paragraph 19,
          Employer and Employee shall be obligated as set forth herein: a)
          Employer shall pay Employee severance in a lump sum amount of
          $424,480.00 (one year's salary and target bonus, plus accrued bonus
          from January 1, 2000 - February 25, 2000), minus applicable deductions
          and withholding for state and federal taxes and any health insurance
          premiums incurred at Employee's election, on such amount. Employee
          agrees not to accept a full-time position with a publicly traded REIT
          or national apartment developer for six months after last date of
          employment, however, if Employee obtains full-time employment with any
          related or affiliated entity of Archstone Communities,
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          including Security Capital Group affiliates, or a competitor of
          Archstone Communities, including any publicly traded REIT or national
          apartment developer prior to six months after the separation date,
          Employee will reimburse Employer for six months of salary and target
          bonus, minus applicable deductions and withholdings. Employee agrees
          that he will notify Archstone, c/o Ms. Sharon Orlopp, 7670 S. Chester,
          Suite 100, Englewood, CO 80112 within five (5) days of accepting any
          full-time employment. b) Employer shall provide Employee with
          outplacement services for six months. c) Concurrently with the
          execution of the Agreement, Employee shall repay the loan from
          Employer, in the principal amount of $950,000.00 used to purchase
          45,325 shares of Employer stock (the "Shares"), which repayment shall
          be effected through the tender of the 45,325 shares of Employer stock
          purchased with such loan, which the parties agree shall have an
          aggregate value of $950,000.00. Employee waives the right to the
          vested and unvested matching two-for-one shares in the Share Purchase
          Program. Employee also received a loan from the Employer in the amount
          of $50,000 plus interest in order to assist with the purchase of the
          shares. Employee has paid $26,361.00 to date. At the time this
          Agreement becomes binding on Employee in accordance with Paragraph 19,
          Employer shall pay Employee $26,361.00 which represents the payments
          on the loan made by Employee to purchase the shares of Employer stock,
          and will forgive and release Employee from all remaining debt on the
          loan. d) Employee shall be entitled

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          to retain ownership of his lap top computer, a Portege 3010CT. e)
          Employee will be entitled to all vested Options, Restricted Share
          Units, and Dividend Equivalent Units, in accordance with the terms of
          the 1997 Long Term Incentive Plan.

     3.   In the Employee's regular paycheck, due March 10, 2000, the Employer
          shall pay to Employee, all accrued and unpaid salary and vacation as
          of February 25, 2000, less the applicable deductions.

     4.   Employee is entitled to continue Employer's group health and dental
          insurance coverage as provided by the Consolidated Omnibus Budget and
          Reconciliation Act (COBRA). Employer will pay for the COBRA expense
          until the earlier of the date Employee becomes eligible, as a full-
          time employee of a new employer, for coverage under a comparable group
          health and dental insurance plan, or twelve months from the date of
          separation. Information regarding COBRA enrollment forms and payment
          requirements will be forwarded to Employee by Employer's human
          resources department.

     5.   In consideration of the promises contained in this Agreement, the
          Employee and Employer hereby mutually agree to do the following:

          a.   Except for a claim based upon a breach of this Agreement, the
               Employee and Employer hereby release and forever discharge the
               other (including, in the case of the Employer, its related and
               affiliated entities, including employee benefit plans and
               fiduciaries of employee benefit plans, and each of their
               trustees, officers, directors,

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               representatives, agents, employees and insurers) (Employee,
               Employer and said related parties are hereinafter collectively
               and individually "said Releasee(s)") from any and all rights,
               claims, demands, debts, dues, sums of money, accounts, attorneys'
               fees, complaints, judgements, executions, actions and causes of
               action of any nature whatsoever, cognizable at law or equity,
               which Employee and Employer have or claim, or might hereafter
               have or claim, against said Releasee(s) based upon or arising out
               of any matter or thing whatsoever, from the beginning of the
               world through the date of this Agreement, including but not
               limited to any rights, claims, complaints or actions or causes of
               action which were or could have been asserted by Employee or
               Employer arising out of or related to Employee's employment by
               the Employer or Employee's separation and/or resignation
               therefrom, the purchase (or sale to Employer) of any Employer
               securities by Employee, or under any local state, or federal law
               dealing with employment discrimination including, without
               limitation, Title VII of the Civil Rights Act of 1964, the Age
               Discrimination in Employment Act and the Americans with
               Disabilities Act.

          b.   Upon request of the Employer, Employee shall promptly provide the
               Employer with a written report and verbal briefings concerning
               all

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               current business activities engaged in by Employee on behalf of
               the Employer.

          c.   Employee shall cooperate reasonably with the Employer in the
               transition of Employee's responsibilities to other employees of
               the Employer including, without limitation, being available by
               telephone during normal business hours to answer questions and to
               assist other employees or designees of the Employer.

          d.   Employee shall promptly submit to the Employer an expense account
               report accounting for all business expenses charged by Employee
               to the Employer and all advances received, and repay the Employer
               for all advances and all non-business related items charged by
               Employee to the Employer, if any.  Employee hereby agrees that
               such advances and non-business related expenses may, at the
               option of the Employer, be deducted by the Employer from any of
               its payments to Employee under this Agreement.

     6.   In addition to the confidentiality and nonsolicitation covenants
          contained in that certain Confidentiality and Non-Competition
          Agreement dated as of September 7, 1997, by and between Employee and
          Employer, Employee agrees that, for a period of one (1) year from the
          of separation, Employee shall maintain in confidence and shall not,
          directly or indirectly, use, publish or otherwise disclose to any
          competitor or other third party any trade secrets

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<PAGE>

          disclosed to the Employee in confidence. For purposes of this
          paragraph, trade secret means information that derives independent
          economic value from not being generally known to the public or to
          other persons who can obtain economic value from its disclosure or use
          and is subject to efforts that are reasonable under the circumstances
          to maintain its secrecy. All duties and obligations set forth herein
          shall be in addition to those which exist at common law and pursuant
          to statute. In addition, Employee agrees not to recruit or hire any
          current Employer associates for a period of one (1) year.

     7.   Employee hereby agrees to immediately turn over to the Employer all
          notes, offering materials, slide shows, investment summaries,
          memoranda, records, documents and all other information, no matter how
          produced or reproduced, kept by Employee or in Employee's possession
          or control, used in or pertaining to the business of the Employer, it
          being hereby acknowledged that all of said items are the sole and
          exclusive property of the Employer.

     8.   Except as may be required to the contrary by the final order issued by
          a court of competent jurisdiction and except for any communication
          with members of Employee's immediate family and any attorney or
          accountant rendering advice to Employee in connection with this
          Agreement, Employee and Employer shall not, directly or indirectly,
          discuss or communicate the facts of this Agreement, or any of its
          terms and provisions with any third party.

     9.   The Employer agrees not to contest the Employee's claim for
          unemployment

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          benefits.

     10.  From and after the date of presentment of this Agreement, Employee
          shall not, directly or indirectly, take any action which is in fact,
          or is intended to be, contrary to the interests of the Employer, nor
          will Employee disparage or make negative, derogatory or defamatory
          statements about the Employer, its related and affiliated entities and
          their trustees, directors, officers, employees, agents or
          representatives, or any of them, to any other person or business
          entity.  Employer shall not make any negative, derogatory or
          defamatory statements about Employee. All requests for references for
          Employee shall be referred to R. Scot Sellers.  Mr. Sellers will make
          a general statement to the effect that it is not the practice of
          Employer to provide references regarding prior performance of
          employees, but that Employer will, if requested, provide information
          regarding the dates of employment, rate of pay and last title held.

     11.  Nothing in this Agreement shall be deemed an admission of wrongdoing
          or any kind of liability by either party.

     12.  In the event Employee engages in a material breach of any of the terms
          or provisions of this Agreement, all of Employee's obligations shall
          remain and shall be enforceable, but the Employer's obligations under
          this Agreement shall immediately terminate, including, without
          limitation, all remaining monetary obligations of the Employer to
          Employee which are outstanding at

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          the time of said breach. Similarly, Employee shall be relieved of any
          further obligation under this Agreement if Employer materially
          breaches its covenants in this Agreement.

     13.  This Agreement shall be binding upon and inure to the benefit of both
          parties, their successors and assigns, and any affiliated or related
          entity, as well as Employee's heirs, assigns, administrators,
          executors and legal representatives.

     14.  This instrument constitutes the entire agreement between the parties
          with respect to the matters addressed herein, and may not be modified
          or amended in any way except by a subsequent, written agreement
          between the parties.

     15.  If any provision, section, subsection or other portion of this
          Agreement shall be determined by any court of competent jurisdiction
          to be invalid, illegal or unenforceable in whole or in part, and such
          determination shall become final, such provision or portion shall be
          deemed to be severed or limited, but only to the extent required to
          render the remaining provisions and portions of this Agreement
          enforceable.  This Agreement as thus amended shall be enforced so as
          to give effect to the intention of the parties insofar as this is
          possible. In addition, the parties hereby expressly empower a court of
          competent jurisdiction to modify any term or provision of this
          Agreement to the extent necessary to comply with existing law and to
          enforce this Agreement as modified.

     16.  This Agreement shall be construed in accordance with the laws of the
          State of

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          Colorado.

     17.  The language used in this Agreement shall be deemed to be the language
          chosen by the parties hereto to express their mutual intent, and no
          rule of strict construction shall be applied against any person.

     18.  This Agreement may be signed in multiple counterparts, each of which
          shall be deemed to be an original for all purposes.

     19.  Employee may revoke this Agreement within seven days of Employee's
          signing it. Revocation should be delivered to Employer's offices at
          7670 S. Chester, Suite 100, Englewood, CO, attention Sharon Orlopp,
          Vice President Human Resources.  For such revocation to be effective,
          the notice and the cashier's check must be received no later than 5:00
          p.m. on the seventh calendar day after Employee signs this Agreement.
          If Employee does not revoke this Agreement within seven days, this
          Agreement shall be effective on the next calendar day.

     20.  Employee affirms that Employee has been given a period of at least
          twenty one days within which to consider this Agreement, and that
          Employee has carefully read and reviewed all the terms and conditions
          contained in this Agreement and fully understands this Agreement to be
          a release of all claims, known or unknown, present or future, that
          Employee has or may have against the Employer arising out of
          Employee's employment by Employer or its termination.  Employee also

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          affirms that Employee has been advised to consult with an attorney
          prior to executing this Agreement and that Employee has, in fact, been
          given full opportunity to review this Agreement with counsel, and that
          Employee signs it voluntarily of his own volition, without duress or
          coercion.  Employee represents that Employee is signing this Agreement
          because of the compensation to be paid by Employer under this
          Agreement which exceeds separation compensation generally available
          under the Employer's policies.

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     IN WITNESS THEREOF, the parties have executed this Agreement on the date(s)
set forth below.


                              Archstone Communities


                              By:       /s/ Patrick R. Whelan
                                  ----------------------------------
                                        Patrick R. Whelan

                              Date: March 3, 2000
                                   ---------------------------------


                              Employee: Jay Jacobson


                                        /s/ Jay S. Jacobson
                              --------------------------------------
                                            (Signature)


                              Date: March 3, 2000
                                   ---------------------------------

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State of Texas            )
                          )
County of Travis          )

     The above and foregoing was acknowledged before me this third day of March,
2000, by Jay Jacobson.

                                           /s/ Yvonne Gonzalez
                                     --------------------------------
                                              Notary Public

My Commission expires April 22, 2003.


County of Travis          )
                          )
State of Texas            )

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