Essex Buys Pair of Developments

Essex Property Trust Inc., a residential property owner, said it bought a pair of apartment complexes in San Jose and Anaheim for $29.2 million.

The company bought the Carlyle, a 132-unit community about five miles from downtown San Jose, for $18.5 million from an unnamed local developer. The complex consists of 48 one-bedroom apartments, 48 two-bedroom units, and 36 three-bedroom apartment homes.

Essex bought Barclay Apartments in Anaheim for $10.7 million. The Orange County complex, which has 161 garden-style apartment homes, is made up of 80 one-bedroom units and 81 two-bedroom units. The facility, which has a swimming pool and spa areas, is near two major freeways.

The Palo Alto-based company develops, redevelops and manages various properties on the West Coast. Essex owns 71 multifamily properties comprising 15,735 units and has 1,044 units being developed.

Essex’s shares rose 25 cents to $37.56 on the New York Stock Exchange.