Home Finance Essex Property Trust Expands in Redmond with $39MM Buy

Essex Property Trust Expands in Redmond with $39MM Buy

By Vladimir Bosanac

San Mateo, Calif.-based Essex Property Trust is one West Coast’s most prolific apartment building investors. It owns 247 apartment complexes across California and Washington, with the Seattle Metro area reprising 57 of those projects, only second to its home base in the Bay Area. This week, Essex expanded its footprint in the region by acquiring the 105-unit Pure Apartments in Redmond for $39,125,000, or just around $372,619 per unit. The seller was Chicago-based Randolph Street Realty Capital.

Pure apartments are located at 17634 NE Union Hill Rd. In Redmond, and the building offers a mix of studio, one-bedroom and two-bedroom units. According to apartments.com, the rental rates in the property range from $1,734 to $1,895 for studios, from $1,895 to $2,175 for one-bedroom units and $2,600 for two bedroom units.

The property is located at the edge of Bear Creek, and it features a mix of urban and serene, natural settings for its renters. The apartments themselves feature extra tall ceilings, stainless steel appliances and clean hard surfaces, according to apartments.com.

Essex has been steadily growing its portfolio in the region over the years, and its most recent acquisition was for two properties in Seattle in November of 2019. The company paid $133 million at the time to acquire the Velo Fremont apartments for $61.5 million and The Ray Apartments for $71.5 million. The seller of both properties was Charleston, S.C.-based Greystar.

Essex also owns The Audrey at Belltown, The Cairns, 8th and Republican in Seattle, among others. The publicly-own trust invests in supply-constrained West Coast markets, according to its web site.

Randolph Street focuses on the acquisition of stabilized and distressed multifamily assets in target markets, which include Seattle, Chicago and Minneapolis/St. Paul, according to the firm’s web site. The firm invests as a general partner with private equity funds, high net worth investors and its own friends and family investors.