Essex Property Trust, Inc (ESS)., recently announced that it has acquired two apartment communities named as The Bernard and Redmond Hill located in Seattle and Redmond, Washington, respectively.
Redmond Hill is a group of four communities and consists of 882 units. The company acquired these properties through its joint venture with Wesco I, LLC for $151.3. The properties will be consolidated into two separate communities and will possess the strength of local technology coupled with superior location. The company is planning for further renovation of the property to generate attractive returns going forward.
On the other hand, the other apartment community, The Bernard comprises 63 units and was acquired for $13.8 million. This apartment community features all the modern amenities and is in close proximity to all the entertainment and night life in the Lower Queen Anne district of Seattle. The acquisition is expected to expand the company’s footprint in the Washington market.
Essex Property is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multi-family residential properties in selected West Coast markets.
Essex Propertycurrently retains a Zacks #2 Rank, which translates into a short-term Buy rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, BRE Properties Inc (BRE) also holds a Zacks #2 Rank.
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