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SAN MATEO, CA-Essex Property Trust of Palo Alto said late Wednesday it has acquired the 697-unit Hillsdale Garden Apartments here for $97.3 million. Built in 1948, the 47-building development sits on a ground lease that expires in 40 years.
The apartment complex is located at 3421 Edison St., adjacent to the Hillsdale Shopping Mall. Property amenities include community pool and spa, barbeque area and a basketball court.
About 56% of the units have two bedrooms and one bath and are sized between 903 sf and 944 sf. Essex, which owns 27,424 units, did not reveal the seller or property's vacancy in its announcement and could not immediately be reached Wednesday evening for comment. Jack Turturici of Sperry Van Ness/Turturici Properties brokered the transaction.
In the past few weeks, three other large complexes on the San Francisco Peninsula have changed hands. At the end of August, Rreef America LLC acquired the 486-unit Summerwood Apartments in Santa Clara from for $105 million. Built in 1970 on 20.5 acres at 444 Saratoga Ave., the complex has 42 buildings including a leasing office and one recreational building. The average unit size is 972 sf and the average asking rental rate is $1,401.
Last week, publicly held Archstone acquired the 575-unit Jefferson @ Bay Meadows luxury community in San Mateo for $220 million. The seven-building complex was built in 2001 at 1101 Park Place, which is between the Bay Meadows Racetrack and Highway 101.
Also last week, Archstone announced the acquisition of St. Francis Place, a 410-unit high-rise community at the corner of Third Street and Folsom Street in Downtown San Francisco. The $170-million purchase price was funded primarily through tax-deferred exchange proceeds and $53 million of operating partnership units.
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