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Essex Buys $23.5M Long Beach Complex

LONG BEACH, CA-The real estate investment trust acquires the 202-unit Marbrisa Apartments from the Dermot Co. of Del Mar, Calif., which was both the owner and the manager of the 14-year-old complex.

By Bob Howard | Updated on October 27, 2002

LONG BEACH, CA-Essex Property Trust of Palo Alto, Calif. has acquired the 202-unit Marbrisa Apartments at 1809 Termino Ave. for $23.5 million from the Dermot Co. of Del Mar, Calif., which was both the owner and the manager of the property.

The real estate investment trust bought the 14-year-old complex in a tax-deferred exchange on an all cash basis. The purchase was funded in part with the proceeds from the sale this summer of Tara Village, a 168-unit apartment complex in the San Fernando Valley community of Tarzana, a deal that was reported by GlobeSt.com.

The Marbrisa was built in 1988 on a 3.5-acre site near the Pacific Coast Highway. The gated complex consists of eight four-story buildings including 102 one-bedroom units, 54 studios and 46 two-bedroom units. It features central air conditioning, a pool, a spa, a fitness center, and underground secured parking.

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