(To read more on the multifamily market, click here.)
LOS ANGELES-Essex Property Trust Inc. of Palo Alto has acquiredthe 168-unit Renaissance Apartments from a locally based investmentgroup for $46.3 million via the Essex Apartment Value Fund II.Industry sources tell GlobeSt.com that Essex acquired the propertyfrom a group of Asian investors in a direct deal between buyer andseller.
Essex was one of a number of prospective buyers that wereinterested in the property, according to sources familiar with thedeal. The Renaissance appealed to the Palo Alto-based REIT for anumber of reasons, including its location within walking distanceof other Essex complexes, according to Keith Guericke, presidentand CEO of Essex.
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