(To read more on the multifamily market, click here.)
SANTA BARBARA, CA-Essex Properties Trust of Palo Alto hasacquired two apartment complexes totaling 108 units for $21.15million, according to Hendricks & Partners. The NorthernCalifornia-based apartment REIT bought the properties from Universeat Hope Ranch LLC of Beverly Hills through Essex Portfolio LP in adeal that was brokered by Dean Zander of the Los Angeles office ofHendricks & Partners.
The properties include the 38-unit Continental Apartments at3968-3974 Via Lucero and the 70-unit Lucero Village at 3999 ViaLucero. Zander reports that Essex plans further upgrades to boththe units and the common areas at the apartments, which havealready been improved through a capital improvements program thatthe seller had in effect for the last few years.
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