Built on a seven-acre site, the complex features 90 two-bedroom/two bathroom apartments in single-story buildings, with an average size of 1,200 sf . Amenities include two pools, a spa, clubhouse and game room, children's play area, four laundry rooms and assigned covered parking with storage units.

In addition to the Orange County property, Essex also purchased The Crest at Phillips Ranch, a 501-unit residential community located in Pomona for $56.8 million. The property has 84 one-bedroom/one-bath units with a den and 417 two-bedroom/two-bathroom units with four different floor plans. All units include washer/dryer hookups, fireplaces and either a patio or balcony.

"We expect the majority of our external growth to be focused on targeted Southern California sub-markets, where limited housing construction may lag job and population expansion," says Keith R. Guericke, Essex's president/CEO. "Essex expects to continue pursuing joint-venture relationships to fund most of its acquisition and development activity."

Traded on the New York Stock Exchange, the REIT acquires, develops, redevelops, and manages multifamily properties along the west coast. Currently, Essex has ownership interest in 80 multifamily properties, consisting of 17,568 units. Additionally, the organization has 1,456 units in development.

Essex represented themselves in both transactionns. Names of the sellers were unavailable at press time.

Instant Insights /

Palo Alto-Based REIT Adds Orange and Los Angeles County Properties to Portfolio

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