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4/07/25
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Institutional multifamily owner Essex Property Trust has completed five California apartment trades totaling over $700 mil so far in 2025. The deals consist of three Northern California acquisitions for $345 mil and two Southern California property dispositions totaling $366 mil.
The most recent purchase by Essex is the $105.3 mil buy of One Hundred Grand, a 166-unit ($625k/unit) asset in Foster City. The luxury property, located at 100 Grand Lane, at Hillsdale Blvd just off Foster City Blvd, offers a mix of one-, two- and three-bedroom units with a starting rent of about $3,800/mo.
Unit features include quartz countertops, stainless steel appliances, wood-style flooring, full-size washers and dryers, central air conditioning, soaring 18-foot ceilings, private patios and balconies, with spectacular views in select units. The pet-friendly community offers a resort-style pool and spa, an outdoor lounge with fireplaces and BBQ areas, a fully equipped fitness center, a business center with Wi-Fi, EV charging stations, a pet wash station, and more.
The company’s other purchases in 2025 are the 146-unit ROEN Menlo Park, located at 3645 Haven Ave in Menlo Park, and The Plaza, located at 1 Plaza View Lane in Foster City, with 307 units. Together, the two apartment properties contain 453 units and cost $240.2 mil.
On the disposition side, Essex collected $366.6 mil from the sale of Highridge, a 255-unit property located at 28125 Peacock Ridge Dr in Rancho Palos Verdes, and Essex Skyline, a 350-unit property at 15 MacArthur Place in Santa Ana. The two sales worked out to a price per unit of just over $600k.
Through these transactions, Essex is shifting more of its assets from Southern California to Northern California. The company is also transitioning some of its portfolio into newer assets, as the three NoCal purchases were built between 2013 to 2017, while the two SoCal properties were built in 1972 and 2008.
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