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250-Unit Complex Goes to Essex Property Trust

SAN RAMON, CA-The Palo Alto-based multifamily REIT acquires the Canyon Oaks Apartments here for $64.3 million.

By Brian K. Miller | Updated on May 07, 2007

(Read more on the multifamily market.)

SAN RAMON, CA-Essex Property Trust, an apartment REIT from Palo Alto, has acquired the 250-unit Canyon Oaks Apartments here for $64.3 million. Completed in 2005, the property sits within Windermere, a 2,300-acre master planned residential community, which fit’s the company’s strategy of buying up properties it believes are located in “highly desirable, supply constrained” West Coast markets.

The property consists of 13 three-story buildings and 158 garages. Property amenities include a pool, fitness center, media room and picnic area with barbecue grills. All units feature 9-foot ceilings, full size washer and dryers and large patios or balconies. Essex has not yet disclosed the current occupancy or rental rate.

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