Essex Property Trust acquired The Esplanade Apartments, a 278-unit apartment community in San Jose, Calif.

The value of the transaction was approximately $60.5 million.

Esplanade Apartments was built in 2002 with a unique “row-house” facade and a variety of exterior finishes, projecting a condominium-type look. The community contains a mixture of two-story and three-story buildings that contain 112 one-bedroom, one-bath units that average 750 square feet, 121 two-bedroom, two-bath loft-style townhouses averaging 1,220 square feet, 13 three-bedroom, three-bath loft-style townhouses that average 1,550 square feet, and eight studio loft apartments that total 896 square feet.

In addition, the community includes an historic brick building that was constructed in 1928 and was recently renovated to provide 14 live/work lofts that average 921 square feet. The property surrounds a secured parking garage.

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

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription