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Essex Bags Brio in Walnut Creek for $165M
San Mateo, CA-based Essex Property Trust acquired Brio, a 300-unit apartment complex in Walnut Creek, CA, for $164.9 million, or roughly $550,000-per-unit. The complex was sold by SummerHill Apartment Communities, which completed the project in 2015.
Essex Property’s Michael Schall says, “Market conditions remain favorable, particularly in technology-driven Northern California and Seattle, where job growth continues to exceed the national average. Personal income growth continues to outpace rents, improving rental affordability in all of our markets.”
The DownREIT structured deal involved Essex assuming a $98.7-million mortgage loan with an effective interest rate of 3.2% and a maturity date in 2025, concurrent with the closing of the acquisition.
The property at 161 N. Civic Dr., near a BART Station, features one and two-bedroom floor plans, a pool, a gym, deck, and a resident wine lounge.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




