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Essex Property Trust Buys Apts. for $42M

CAMPBELL, CA-The company was attracted to the Commons apartment complex due to its ‘proximity to Silicon Valley employers and the opportunity for rent growth within the local market.’

By Natalie Dolce | Updated on August 10, 2010

CAMPBELL, CA-Palo Alto-based Essex Property Trust has purchased the Commons apartment complex for $42.5 million or $160,985 per unit. According to the company’s first vice president of acquisitions, Adam Berry, the company was attracted to it due to its “proximity to Silicon Valley employers and the opportunity for rent growth within the local market.”

Atlanta-headquartered ARA’s Pacific office, Mark Leary and Curtis Gardner acted as the advisors to the Bay Area-based private owner in the disposition of the asset. They could not disclose the seller’s name or rationale for selling at this time.

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