OXNARD, CA-Apartment REIT Essex Property Trust of Palo Alto, CA and an undisclosed institutional partner have acquired the 373-unit Arbors at Parc Rose at 1500 Tulipan Circle in this Ventura County city from Sobrato Development of Cupertino, CA for $92 million. Essex and the institutional partner bought the property in a 50/50 joint venture; Essex will receive management fees and may earn a promoted interest in the property, according to an Essex announcement. The sale was brokered by Brett Betzler and Tom Moran Jr. of the Irvine office of Chicago-based Moran & Co.

Built in 2001, the Arbors at Parc Rose consists of 36 three-story buildings, most of them in three-story townhome style with attached garages, and was approximately 94% occupied at the time of the sale. Its apartments range from one to three bedrooms and from one to three baths, at sizes from 988 square feet to 1,534 square feet. Rents range from $1,528 to $2,066, according to a web site for the property. The complex is on a site of nearly 21 acres, with common area amenities including a fitness center, a community room, a pool and a spa.

Essex says that the property provides residents easy commute access to Ventura, Santa Barbara and Thousand Oaks and is within walking distance of Shopping at the Rose, a large retail center featuring a variety of shopping and dining options.

The Essex joint venture with its institutional partner may invest up to $500 million, focused in stabilized multifamily properties in Essex's markets, according to the REIT's announcement. Total equity commitment is $200 million with 50% contribution from each partner. The joint venture has a two-year investment period, during which the partners may elect to convert the joint venture into a multi-investor club fund.