Essex Property Trust Inc. has acquired Hillsdale Garden Apartments, a 697-unit apartment community located in San Mateo, Calif., for approximately $97.3 million.

The property, built between 1948 and 1950, is located approximately 15 miles south of San Francisco. It consists of 47 buildings situated on 30-plus acres of land spanning several city blocks. The property’s unit composition is as follows: 72 studios; 156 1-bedroom, 1-bath; 395 2-bedroom, 1-bath; 62 3-bedroom, 1-bath; and 11 3-bedroom, 2-bath.

Property amenities include community pool and spa, barbeque area and a basketball court.

The property is located on a long-term ground lease that will expire in 2047, according to a press statement.

Palo Alto, Calif.-based Essex Property Trust Inc. is a fully integrated real estate investment trust that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast communities.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect Black Friday Sale! Bundle our next two events or secure your 2021 All Access Pass.SEE THE DEALS×
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