Echo Ridge is five-year-old community comprised of 21 two-story apartment buildings. The development is located within Snoqualmie Ridge, a 1,300-acre master planned community located approximately 20 miles east of Bellevue, WA.
The property is adjacent to a championship golf course as well as recreational space, such as parks, baseball fields and miles of hiking and biking trails. Each of the units has an attached garage and full size washers and dryers. Common-area amenities include, an outdoor pool and spa, 24-hour fitness center and business center.
A source at Essex tells GlobeSt.com the property is 96% occupied and has no deferred maintenance. "This apartment community is well positioned to generate above-average increases in rental income with little or no property improvements in the foreseeable future," says Essex chief executive Keith Guericke in a prepared statement.
Essex Apartment Value Fund II started out in 2004 with $267 million in equity, which with 60% to 65% leverage gives it as much as $750 million to spend. To date, the fund has acquired about $200 million worth of properties. The fund has until October 2006 to invest the remainder of the funds.
"Just like Fund I, we're starting out slow but will finish the race," says a source at Essex. "It's really hard to find a good deal out there."
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