Known as the Villas at Carlsbad, the property stands at 2600Kremeyer Circle and is comprised of 16 buildings that house a totalof 102 units, ranging in size from 356 sf to 1,119 sf. Floor plansvary, as the unit mix consists of 12 studios; 36 one-bedroom,one-bath apartments; four two-bedroom, two-bath units; 44two-bedroom, two-bath apartments and six three-bedroom, two-bathunits. Built in an Adobe Southwest architectural style, the luxurycomplex features a resort-style swimming pool and spa, as well as aclubhouse facility that includes a business center, fitness center,audio/video room, leasing office and sun decks.

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Essex's current investment vehicle, a fund known as EssexApartment Value Fund LP that has an investment capacity of around$400 million, has acquired the Villas at Carlsbad from an entitycalled Carlsbad Cove Apartments. Essex Property Trust's presidentand CEO, Keith R. Guericke says the company is enthused about therecently acquired asset because is it is located in a "desirablearea that has recognized substantial job growth, above averagerental rates, single family home prices that have grown by 71% overthe last five years and rental occupancies consistently at or above95%."

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