Sunnyvale apartment complex bought for more than $140 million ...Middle East

SUNNYVALE — 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.

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