Source: Essex Property Trust / #Apartments #Multifamily
PALO ALTO, CA - Essex Property Trust announced the purchase of a land parcel located at the intersection of Folsom and First Streets in downtown San Francisco, CA for a contract price of $43.6 million.
The site is located in the Transbay Center District Plan which has six million square feet of office space under construction or planned, thereby increasing the high quality and high paying jobs in the area. Upon completion in 2017, the Transbay Terminal will become the major transportation hub in downtown San Francisco, connecting BART, Caltrans and nine other transit systems and has been referred to as the Grand Central Station of the West.
The parcel is fully entitled and construction will commence in October 2015 with a projected opening in the Fall of 2018.
The Company plans to develop a forty-two story apartment community comprising 545 homes and 5,900 square feet of ground floor retail space. Each home will have luxury finishes and floor to ceiling windows. Amenities at the community will include a spa, two outdoor entertainment areas, a fitness center, community room and garden area. Block 9 scores 96 out of 100 on walkscore.com.
The Company has entered into a co-investment partnership with an institutional investor for the development of the community. The Company will have a 50% interest in the venture and will earn customary management fees and may earn a promoted interest.
Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 238 apartment communities with an additional 12 properties in various stages of active development.