Palo Alto Property Trust Buys Oxnard Apartments

Essex Property Trust in Palo Alto has acquired the Village Apartments, a 122-unit complex in Oxnard, for approximately $7.7 million.

This is the eighth property bought by Essex in Southern California this year, for a total investment of $88 million. Company officials said their goal of balancing Essex’s portfolio among the San Francisco, Seattle and Southern California regions has been achieved.

“Our current portfolio is well-situated to benefit from the recovering economies in Southern California and Seattle going forward, as San Francisco Bay Area properties continue to absorb the dramatic rental increases in that market,” said Keith Guericke, Essex president and chief financial officer.

Guericke said Ventura County’s “high quality of life and well-diversified economy” made it a desirable location to invest in a multifamily complex.

The Village Apartments in north Oxnard was built in 1974 and offers three types of floor plans, including a townhouse option. Amenities include fireplaces, pool, spa, tennis court and a clubhouse. At the time of purchase, the apartment complex was 98% occupied.