(Read more on the multifamily market.)

SAN RAMON, CA-Essex Property Trust, an apartment REIT from Palo Alto, has acquired the 250-unit Canyon Oaks Apartments here for $64.3 million. The seller was United Dominion Realty Trust. Curtis Gardner of Arroyo & Coates had the disposition assignment.

The property consists of 13 three-story buildings and 158 garages. Property amenities include a pool, fitness center, media room and picnic area with barbecue grills. All units have nine-foot ceilings, full size washer and dryers and large patios or balconies. Essex has not yet disclosed the current occupancy or rental rate.

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