Essex Property Trust acquired Vista Belvedere, a 76-unit apartment community in Tiburon, Calif.

The value of the transaction was approximately $17.1 million.

Vista Belvedere is comprised of several two and three-story buildings. The apartment units feature walk-in closets and wood-burning fireplaces. The property has 78,350 total rentable square feet, which is comprised of 30 one-bedroom/one-bath units, 21 two-bedroom/one-bath units, 24 two-bedroom/two-bathroom units and one three-bedroom/one and one-half bathroom unit.

Palo Alto, Calif.-based Essex Property Trust Inc. is a fully integrated real estate investment trust.

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