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Essex Jumps On North San Jose Boom With $93M Buy


Essex Properties has purchased the recently completed 183-unit Enso apartments at 175 Baypointe Pkwy in North San Jose for $92.8M, or about $507k/unit.

The seller was an affiliate of Fairfield Residential. Mark Leary and Curtis Gardner of ARA Newmark arranged the transaction. The sale is North San Jose's most significant transaction since the $86.7M sale of 121 Tasman Dr last year, which hit $498k/unit, according to the Silicon Valley Business Journal.

It's also the latest in a string of apartment acquisitions in recent weeks in Silicon Valley, including JB Matteson's $102M purchase of the new Ilara apartments in Milpitas and Mapletree Group's $110M purchase of a Mountain View apartment complex, which Oakwood Worldwide is managing as corporate housing. [SVBJ]