Angela Kleiman Of Essex Property Trust Acquires Multifamily Assets In Campbell For $240.5M
215 Union Avenue & 1725 South Bascom Avenue
$240,500,000
Building Size
—
Asset Type
MultiFamily
Closing
May 12, 2025
AI
The transaction involves the sale of two multifamily apartment complexes located at 215 Union Avenue and 1725 South Bascom Avenue in Campbell. The total sale price of the properties was $240,500,000, which encompasses 420 units, resulting in a price per unit of $572,619.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $240,500,000
- Buyer: Angela Kleiman - Essex Property Trust
- Seller: James F. Ellis & Melinda Ellis Evers - Ellis Partners; Drew McKnight & Joshua Pack - Fortress Investment Group
- Units: 420
- Price Per Unit: $572,619
- Date of Transaction: 05/12/2025
- Market: Campbell
Essex Property Trust made this acquisition as part of their strategy to shift focus to Northern California. The properties, Parc at Pruneyard and Revere Campbell, were secured for $122.5 million and $118 million respectively, with the funding facilitated through recent sales of properties in Southern California.
Players
Campbell MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93