Essex Property Trust, a real estate investment trust, has acquired a 180-unit apartment community in Bellevue, Wash., for approximately $22.3 million.
The property, Cedar Terrace, was developed in 1984 and offers five different floor plans, with sizes ranging from 834 to 1,506 square feet per unit.
The property features a variety of common amenities and many of the buildings overlook a wooded hillside.
Essex Property Trust, located in Palo Alto, Calif., is traded on the New York Stock Exchange (NYSE:ESS). The company acquires, develops, redevelops and manages multifamily residential properties in selected West Coast communities.
Essex currently has ownership interests in 120 multifamily properties, and has 777 units in various stages of development.
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