Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHULA VISTA, CA-A Los Angeles-based partnership has sold a 500-unit apartment complex here to a Palo Alto developer and owner of multifamily property in a $62-million deal.

Essex Property Trust Inc. bought the Marbrisas I & II apartment complex from Rancho Del Rey LLC, in the final phase of a two-property sale valued at $118.8 million. The property, consisting of 23 buildings on 26 acres, was built in 1990.

The complex includes a fitness center, two pools, a clubhouse and picnic areas.

Dennis Danielian and Jesse Goldstein of TCI Properties Investment Real Estate Brokers, based in Redwood Shores, represented both parties in both transactions.

Essex Property’s portfolio consists almost exclusively of multifamily properties, located in the San Francisco Bay Area, Los Angeles, Ventura, Orange and San Diego counties and the Pacific Northwest, including the Seattle and Portland metropolitan areas.

The average occupancy of the company’s portfolio has exceeded 95% for the last five years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.