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Essex Property Trust Pays $240M for Two Campbell Complexes

Affiliates of Essex Property Trust have acquired two multifamily complexes in Campbell from Land and Houses USA, the Silicon Valley Business Journal reported. Parc at Pruneyard Apartments and Revere Campbell traded for a total of $240.5 million.

Located at 215 Union Ave., the 60-year-old, 252-unit Parc at Pruneyard sold for $122.5 million, reported the Business Journal, citing county records. Revere Campbell, a 168-unit complex at 1725 S. Bascom Ave., traded for $118 million, similar to the price Land and Houses paid for it in 2017.

San Mateo-based Essex has been actively buying local properties recently, according to the Business Journal. The company reported last month that its year-to-date investment activity included The Plaza and One Hundred Grand in Foster City and ROEN Menlo in Menlo Park. The three complexes total 619 units and Essex paid $345.5 million for the trio, or an average of $546,000 per unit.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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