SAN FRANCISCO—Essex Property Trust has paid $135 million for the apartment portion of Fox Plaza for, but has no immediate plans to build a second, tower that is already approved.
The San Francisco Business Times reports that the deal for the 444-unit property, the latest in a string of investments the Palo Alto-based company has made in the city, values the Mid-Market building at about $300,000 a unit. The company plans to spend $27 million over the next several years to renovate both the exterior and interior of the property.
The seller, Archstone, had hoped to sell the property for closer to $150 million.
The property is a 29-story high rise tower with Fox Plaza apartments located on floors 14 through 29. The purchase price did not include floors 1 through 12 of commercial office space but did include an adjacent two story building comprised of 37,800 square feet of space leased to retail and office tenants and a two story underground parking garage comprised of 405 stalls.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
