Essex Property Trust Pays $240M for Two Campbell Complexes
Affiliates of Essex Property Trust have acquired two multifamily complexes in Campbell from Land and Houses USA, the Silicon Valley Business Journal reported. Parc at Pruneyard Apartments and Revere Campbell traded for a total of $240.5 million.
Located at 215 Union Ave., the 60-year-old, 252-unit Parc at Pruneyard sold for $122.5 million, reported the Business Journal, citing county records. Revere Campbell, a 168-unit complex at 1725 S. Bascom Ave., traded for $118 million, similar to the price Land and Houses paid for it in 2017.
San Mateo-based Essex has been actively buying local properties recently, according to the Business Journal. The company reported last month that its year-to-date investment activity included The Plaza and One Hundred Grand in Foster City and ROEN Menlo in Menlo Park. The three complexes total 619 units and Essex paid $345.5 million for the trio, or an average of $546,000 per unit.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout