Palo Alto, California—Essex Property Trust, Inc. (NYSE:ESS) announced the Company has purchased two apartment communities for purchase prices totaling $208.8 million.
Apex Apartments, a 366 unit community located in Milpitas, CA, was purchased for $150.0 million. The property was completed and fully stabilized in 2014. Amenities include a saltwater pool and spa, a fitness center, an outdoor entertainment area with multiple fire pits and BBQs, a movie theater, a Wi-Fi lounge and billiards room, and a demonstration kitchen. Apex is located about one mile from high paying jobs in North San Jose and is near a VTA Rail Station and the Milpitas Bart station that is under construction. The property is unencumbered.
Avalon Bellevue Park Apartments, a 220 unit community located in Bellevue, WA, was acquired for $58.8 million. The property was constructed in 1994 and is located in downtown Bellevue, near employers, shopping, dining, and entertainment options. The Company has assumed an existing $21.5 million loan with an interest rate of 5.5%. The loan matures in June 2019.
About Essex Property Trust, Inc.
Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 242 apartment communities with an additional 11 properties in various stages of active development. Additional information about Essex can be found on the Company’s web site at www.essexpropertytrust.com.