Essex affiliate gains 907 multifamily units

Properties spread throughout California

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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 a...