Massive multifamily complex sold near San Francisco

Essex Property Trust gains nearly 700 units

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Essex Property Trust Inc. has acquired Hillsdale Garden Apartments, a 697-unit apartment community located in San Mateo, Calif., for approximately $97.3 million. The property, built between 1948 and 1950, is located approximately 15 miles south of San Francisco. It consists of 47 buildings situated on 30-plus acres of land spanning several city blocks. The property's unit composition is as follows: 72 studios; 156 1-bedroom, 1-bath; 395 2-bedroom, 1-bath; 62 3-bedroom, 1-bath; and 11 3-bedroom, 2-bath. Property amenities include community pool and spa, barbeque area and a basketball court. The property is located on a long-term ground lease that will expire in 2047, according to a press statement. Palo Alto, Calif.-based Essex Property Trust Inc. is a fully integrated real estate investment trust that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast communities. ...