Essex Property Trust has purchased two apartment communities for a combined purchase price of USD208.8 million.
Apex Apartments, a 366 unit community located in Milpitas, California, was purchased for USD150.0 million. The property was completed and fully stabilised in 2014. Amenities include a saltwater pool and spa, a fitness centre, an outdoor entertainment area with multiple fire pits and BBQs, a movie theatre, a Wi-Fi lounge and billiards room, and a demonstration kitchen.
Avalon Bellevue Park Apartments, a 220 unit community located in Bellevue, Washington, was acquired for USD58.8 million. The property was constructed in 1994 and is located in downtown Bellevue, near employers, shopping, dining, and entertainment options. The company has assumed an existing USD21.5 million loan with an interest rate of 5.5 per cent. The loan matures in June 2019.