An affiliate of Essex Property Trust purchased a 3-property multifamily portfolio totaling 907 units in California.
The buyer, Essex Apartment Value Fund II, paid approximately $130 million for the properties.
Two of the properties are located in the San Francisco Bay Area – Harbor Cove, a 400-unit apartment community located in Foster City, and Carlmont Woods, a 195-unit apartment community located in Belmont. The third property, Parcwood Apartments, is a 312-unit apartment community located in Corona in Southern California.
Harbor Cove, developed in 1971, is comprised of 12 three-story buildings. The property offers 283 one-bedroom, one-bath units that range in size from 500 square feet to 780 square feet, and 117 two-bedroom, two-bath units that range from 780 to 1,020 square feet. Harbor Cove overlooks a lagoon, which also provides sailing and a municipal park.
Carlmont Woods was developed in 1971 and is a three-story structure. The property offers 100 studio units that are 500 square feet, 10 studio deluxe units that are 560 square feet, as well as 74 one-bedroom, one-bath units that are 660 square feet and 11 one-bedroom, one-bath units that are 660 square feet. The property is nestled in the Belmont hills, which provides exclusive single-family and multifamily housing.
Parcwood Apartments was developed in 1989. It is a two-story community that encompasses 52 studio units measuring 550 square feet; 132 one-bedroom, one-bath units measuring 750 square feet; 88 two-bedroom, two-bath units measuring 1,050 square feet; and 40 three-bedroom, two-bath units measuring 1,250 square feet. Each unit features its own patio or balcony, central air conditioning and some vaulted ceilings.
Palo Alto, Calif.-based Essex Property Trust Inc. is a fully integrated real estate investment trust.
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