Source: Essex Property Trust / #Multifamily #Apartments
PALO ALTO, CA - Essex Property Trust, Inc., announced it has purchased Willow Lake Apartments located in San Jose, California for $148 million. Built in three phases between 1989 and 1997, the property contains 508 units with a mix of one, two and three bedroom apartments.
Community amenities include two swimming pools, a resident lounge, fitness center, business center and a lake. Essex intends to renovate the exterior of the community for $4.5 million.
Willow Lake is situated less than two miles from I-680, I-880 and the 101 freeways, allowing easy access to thousands of high tech and related industry jobs in Silicon Valley.
Essex Property Trust, Inc., an S&P 400 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages apartment communities located in highly desirable, supply-constrained markets. Essex currently has ownership interests in 166 multifamily properties with an additional 9 properties in various stages of development.