SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Essex Property Trust has sold Harbor Cove Apartment Homes for $138 million. The 400-unit waterfront apartment complex is located in Foster City, CA, the geographical midpoint between San Francisco and Silicon Valley.

The sales price equates to $345,000 per unit. Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap arranged the sale.

IPA executive vice president investments Stanford Jones, IPA vice president investments Philip Saglimbeni and IPA vice president investments Salvatore Saglimbeni advised the seller. The buyer is a fund sponsored by Acacia Capital Corp.

Saglimbeni tells GlobeSt.com that in terms of reasons for selling, "HC was originally acquired through an Essex sponsored fund which had a defined hold period associated with it. HC was one of several other assets acquired under a similar structure that have also been recently marketed/sold."

Jones points out that “Despite significant volatility in the capital markets over the past few months, we continue to see very strong and qualified activity on well-located assets positioned to capitalize on the Bay Area's vibrant economy. The primary acquisition premise for Harbor Cove is based on an extensive renovation strategy, which is driven by wide spreads to Class-A rents in the immediate market.”

Furthermore, Jones says that “Harbor Cove's micro-location is arguably the best in Foster City, boasting dramatic waterfront views, award-winning schools and immediate access to both retail and employers.”

According to Saglimbeni, “Opportunities to acquire larger multifamily assets in the mid-peninsula market are extremely rare. In fact, Harbor Cove is the only 100-plus unit asset that has traded hands in Foster City since 2004.”

Saglimbeni tells GlobeSt.com that several buyers were interested in the property and his team received "multiple bids."

He adds that "The process was very competitive. The asset was fully exposed to the market. There was both private and institutional interest in the asset."

The property is located on more than 15 acres at 900 East Hillside Blvd. Built in 1971 on the waterfront of Foster City's largest lake, Harbor Cove Apartment Homes is composed of 12 three-story residential buildings and one two-story leasing office/clubhouse. Approximately 30% of the apartments have full or partial water views and all residents have direct private access to the lakefront recreation area.

The complex features an outdoor swimming pool with sundeck, barbecue and picnic area with gazebo, sand volleyball court, two tennis courts, extra storage, carports, open space parking and a renovated clubhouse with a lounge, kitchen area and state-of-the-art fitness center. Floor plans average approximately 767 square feet and apartments feature fully equipped kitchens and a private balconies or patios.