Essex Property with two apartment community purchases

|About: Essex Property Trust, Inc. (ESS)|By:, SA News Editor

Apex Apartments, a 366-unit community in Milpitas, CA completed and stabilized this year, was purchased for $150M with no debt.

Avalon Bellevue Park Apartments, a 220-unit community in Bellevue, WA built in 1994, was purchased for $58.8M. Essex Proprty (NYSE:ESS) assumed a $21.5M mortgage maturing in 5 years with a 5.5% interest rate.