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215 Union Avenue

Angela Kleiman Of Essex Property Trust Acquires Multifamily Assets In Campbell For $240.5M
SOLDMultiFamily

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

ET
Essex Property TrustBuyer

Melinda Ellis Evers

Ellis Partners

Seller

$669.7M

vol

6 deals

Seller

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