Search
 

REIT Buys 697-Unit Complex for $97M

SAN MATEO, CA-In the latest of a flurry of Peninsula apartment sales, Essex Property Trust acquires the 58-year-old Hillsdale Garden Apartments.

By Brian K. Miller | Updated on September 13, 2006

(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.