SAN FRANCISCO—Essex Property Trust Inc. has acquired the 444-unit Fox Plaza apartments here in the Mid-Market district for $135 million.
The 29-story tower on Market Street includes the apartments on floors 14-29, but not the office space on the first 12 floors. The purchase also included an adjacent two story building comprised of 37,800 sq. ft. of space leased to retail and office tenants and a two story underground parking garage comprised of 405 stalls.
The two-story commercial building is entitled for a 250 unit, 11 story apartment community. Essex officials said I a statement that they don’t plan to develop another tower, but may evaluate the option in the future. The company plans to spend $27 million to renovate the inside and outside of the main tower.
Built in 1968, the tower has outstanding views of the city, high ceilings and large decks, according to the officials in the statement. Roughly 75 percent of the units are studios that average 450 square feet per unit with the remaining mix consisting of one and two bedroom floor plans. Essex currently has ownership interests in 165 multifamily properties with an additional 9 properties in various stages of development.