Essex Property Trust Inc. increases its stake in Silicon Valley apartments.PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--July 5, 1995--Essex Property Trust Inc., a Palo Alto-based multifamily real estate investment trust, acquired Bristol Commons Apartments, a 188-unit apartment community in Sunnyvale, Calif., as part of a co-investment transaction. Essex invested $2,165,000 in Essex Bristol Partners, a California limited The California Limited was one of the named passenger trains of the Atchison, Topeka and Santa Fe Railway and a true "workhorse" of the railroad. It was assigned train Nos. 3 & 4, and its route ran from Chicago, Illinois to Los Angeles, California. partnership, which acquired Bristol Commons for $16,850,000. Essex will receive approximately 60% of the cash flow and appreciation generated by the venture. Essex's partner is Acacia acacia (əkā`shə), any plant of the large leguminous genus Acacia, often thorny shrubs and trees of the family Leguminosae (pulse family). Capital Corp., which provides financial products meeting the capital needs of the residential market and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for institutional quality multi-family communities. The acquisition was financed with a 7-year mortgage in the amount of $12,298,000, with an effective fixed interest rate of 7.54%. Built in 1989, Bristol Commons is a luxury apartment property with a full amenity package, including pool, spa, exercise room, business center, marble woodburning fireplaces, and landscaped grounds. Essex will manage the property on behalf of the venture. The acquisition increases Essex's ownership of apartment communities in the Sunnyvale market to 894 units, or approximately 20% of its portfolio. Sunnyvale is located in the center of Silicon Valley, which has benefited from the economic recovery of the high-technology sector. "The operations of Bristol Commons are expected to generate in excess of a 15% return on our equity investment, while allowing us to continue to acquire high-quality properties in markets that are extremely attractive considering the high occupancy rates, job growth expectations and minimal new construction," commented Keith R. Guericke, president of Essex Property Trust Inc. "Our co-investment format allows us to maximize the use of our available funds, while building a pipeline of properties that Essex can acquire directly in the future." Essex Property Trust Inc. is a self-administered and self-managed equity real estate investment trust that focuses on multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. properties in the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay , Seattle and Portland metropolitan areas The Portland-Vancouver, Oregon-Washington, Metropolitan Statistical Area, also known as the Portland metropolitan area or Greater Portland, is an urban area in the U.S. states of Oregon and Washington centered around the city of Portland, Oregon. . Essex's 22 multi-family properties (4,468 units) accounted for approximately 90% of its revenue. CONTACT: Essex Property Trust Inc. Keith R. Guericke, 415/494-3700 |
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