Essex grows multifamily holdings

Buys townhouse community in Silicon Valley

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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 inves...