"An apartment complex in Sunnyvale was bought for more than $140 million in a deal that points to ongoing weakness in the region's multifamily real estate sector. Essex Property Trust purchased the 200-unit apartment hub at 1250 Lakeside Dr. for $143.5 million, according to documents filed on Nov. 25 with the Santa Clara County Recorder's Office. San Mateo-based Essex Property is one of the nation's largest real estate investment trusts. Commercial real estate firm Colliers handled the transaction."
"City Developments Ltd., the original developer, sold the apartment complex. The price was slightly below an assessed value of $146.7 million. Assessed values calculated by the Santa Clara County Assessor's Office are just one metric that can be used to gauge the value of a property. Other metrics include an appraisal of the property based on recent deals involving similar buildings."
Essex Property Trust purchased a 200-unit apartment complex at 1250 Lakeside Dr. in Sunnyvale for $143.5 million. The purchase was recorded on Nov. 25 with the Santa Clara County Recorder's Office. Colliers handled the transaction and City Developments Ltd., the original developer, sold the complex. The sale price was slightly below the assessed value of $146.7 million. Assessed values from the Santa Clara County Assessor's Office represent one metric for property valuation. Appraisals based on recent comparable deals provide other valuation metrics. The transaction signals ongoing weakness in the regional multifamily real estate sector.
Read at www.mercurynews.com
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