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Essex Acquires 194-Unit Apartment Complex

RENTON, WA-The publicly traded apartment REIT from Palo Alto, CA acquires the Fairwood Pond Apartments here for $21.1 million, which is about $3.5 million more than the seller paid for the asset in 2000.

By Brian K. Miller | Updated on November 03, 2004

RENTON, WA- Essex Property Trust has acquired Fairwood Pond Apartments, a 194-unit apartment complex here from a client of LaSalle Investment Advisors of Chicago. The purchase price was $21.1 million, which is about $3.5 million more than the seller paid for the asset in 2000.Fairwood Pond Apartments was developed in 1997 and is located at 14700 Petrovisky Rd. The property offers five floor plans that range in size from 754 sf for a one-bedroom, one-bath unit, up to 1,212 sf for a three-bedroom, two-bath unit. Each apartment has a fireplace and all appliances. Common-area amenities include garage and covered carport parking. Fairwood Pond Apartments comes to Essex unencumbered. For the acquisition, Essex used a portion of the proceeds from the sale of its interest in Coronado North, a 732-unit multifamily community located in Newport Beach, CA. A source at Essex declined to confirm the name of the seller. According to four-year-old published reports, LaSalle Investment Advisors of Chicago acquired the property from Harbor Properties in 2000 for $17.5 million.In February, another Petrovisky Road apartment development–the 26-building, 260-unit Mission Ridge–sold for $19.1 million, which was about $2.9 million under the asking price. Waterton Associates of Chicago sold the circa 1998 complex to a 1031 exchange accommodator associated with Prometheus Real Estate Group of Redwood City, CA.

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