CAMPBELL, CA-Palo Alto-based Essex Property Trust has purchased the Commons apartment complex for $42.5 million or $160,985 per unit. According to the company’s first vice president of acquisitions, Adam Berry, the company was attracted to it due to its “proximity to Silicon Valley employers and the opportunity for rent growth within the local market.”
Atlanta-headquartered ARA’s Pacific office, Mark Leary and Curtis Gardner acted as the advisors to the Bay Area-based private owner in the disposition of the asset. They could not disclose the seller’s name or rationale for selling at this time.
“The Essex due diligence team appreciated the professionalism of ARA to assist us in closing the transaction in 28 days from execution of the purchase and sale agreement,” adds Berry. The property was 94% occupied at the time of sale.
The Commons is located on Union Ave off Route 17 in Campbell, CA, a highly sought-after Silicon Valley location within the Bay Area, minutes from the major tech employers and the 20 million square feet of class A office space within the San Jose / Silicon Valley region. The property is walking distance from the Pruneyard Shopping Center and a short drive from historic downtown Campbell.
According to ARA’s Leary, “It is one of the well-located multifamily assets in the region which enabled us to have a shortened two-week marketing period.”
The building which was completed in 1973, has since undergone over $1.7 million in exterior and interior renovations over the past several years. Situated on over 9.2 acres, the Commons also features two resort style swimming pools, a fitness center, a resident business center, covered parking and central laundry facilities.
It features a mix of studios, one- and two-bedroom floor plans, each unit features a fully-equipped kitchen with dishwasher and garbage disposal. The interiors offer two levels of renovation, including many upgrades such as new cabinets and countertops, ceiling fans, and fixtures. All two bedroom floor plans feature a washer-and-dryer.