According to county records, Essex acquired Canyon Pointe, a 250-unit garden-style apartment community located at 1630 228th St. SE in Bothell, and Forest View, a 192-unit garden-style apartment community located at 650 Duvall Ave. NE in Renton. The listed sale price for Canyon Pointe, built in 1990, is $22.8 million. The listed sale price for Forest View, built in 1988, is $18.1 million. The sales recorded last week.
Essex is a Palo Alto, CA-based apartment REIT. Archstone-Smith is an Englewood, Co-based real estate operating company also focused on the apartment market. David Young of Hendricks & Partners, who had the disposition assignment for Archstone, declined comment, citing a confidentiality agreement. Essex's VP of acquisitions Bryan Meyer tells GlobeSt.com that the properties were acquired as a portfolio and that the individual recorded sale prices were how Archstone wished them to appear.
The two apartment communities were Essex's first acquisitions in Washington State this year, and its third acquisition is in escrow, says Meyer. Essex now owns 4,140 units in 22 properties in the greater Puget Sound region.
The acquisitions are being funded by the company's recently announced sale of 1.6 million shares of common stock to Banc of America Securities LLC. Essex said the proceeds from the sale would be used to acquire during the fourth quarter $95.6 million worth of multifamily properties located primarily in Southern California and Seattle. If all the transactions are closed, Essex says its 25,000-unit nationwide portfolio will grow by 917 units.
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