Essex Shells Out $14.3M for Complex

CARLSBAD, CA-A fund managed by Essex Property Trust Inc. has shelled out $14.3 million for a luxury apartment community located in Carlsbad.

Known as the Villas at Carlsbad, the property stands at 2600 Kremeyer Circle and is comprised of 16 buildings that house a total of 102 units, ranging in size from 356 sf to 1,119 sf. Floor plans vary, as the unit mix consists of 12 studios; 36 one-bedroom, one-bath apartments; four two-bedroom, two-bath units; 44 two-bedroom, two-bath apartments and six three-bedroom, two-bath units. Built in an Adobe Southwest architectural style, the luxury complex features a resort-style swimming pool and spa, as well as a clubhouse facility that includes a business center, fitness center, audio/video room, leasing office and sun decks.

Essex’s current investment vehicle, a fund known as Essex Apartment Value Fund LP that has an investment capacity of around $400 million, has acquired the Villas at Carlsbad from an entity called Carlsbad Cove Apartments. Essex Property Trust’s president and CEO, Keith R. Guericke says the company is enthused about the recently acquired asset because is it is located in a “desirable area that has recognized substantial job growth, above average rental rates, single family home prices that have grown by 71% over the last five years and rental occupancies consistently at or above 95%.”