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Essex Property buys San Jose, Calif., apartment complex for $104M

Essex Property Trust Inc. acquired a 218-unit apartment complex in San Jose, Calif., from the property's developer, Republic Urban Properties, for $104 million, The Mercury News reported, citing Santa Clara County property records.

The multifamily-focused residential real estate investment trust also agreed to take over $70.1 million of mortgage debt on the Meridian at Midtown apartments from the seller.

HFF brokered the deal for the complex at 1432 W. San Carlos St., which is more than 90% steadily occupied.

The Oct. 4 report added that downtown San Jose is expected to benefit from the proposed plan of Mountain View, Calif.-based search giant Google, involving a transit-oriented community of office buildings, residences, shops, restaurants and open spaces.