Essex Property Acquires Two Apartment Communities For $208.8 Mln - Quick Facts

(RTTNews) - Essex Property Trust, Inc. (ESS) announced that it has purchased two apartment communities for purchase prices totaling $208.8 million.

Commenting on the Apex Apartments, the company said it was purchased for $150.0 million and the property was completed and fully stabilized in 2014.

Amenities include a saltwater pool and spa, a fitness center, an outdoor entertainment area with multiple fire pits and BBQs, a movie theater, a Wi-Fi lounge and billiards room, and a demonstration kitchen, Essex noted.

Avalon Bellevue Park Apartments, was acquired for $58.8 million. The property was constructed in 1994 and is located in downtown Bellevue, near employers, shopping, dining, and entertainment options. The company has assumed an existing $21.5 million loan with an interest rate of 5.5%. The loan matures in June 2019.