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Essex Property Buys Santa Cruz Complex

The Silicon Valley / San Jose Business Journal

Essex Property Trust Inc. has bought the Chestnut Street Apartments in Santa Cruz for $22.1 million.

The 96-unit garden-style complex was built in 2002 and is located near the ocean and the University of California Santa Cruz. The property also has 9,000 square feet of retail and commercial space.

Palo Alto-based Essex (NYSE:ESS) acquires, develops, redevelops and manages apartments in California and the Seattle metropolitan area. The company owns nearly 27,000 apartment units in more than 130 communities. Nearly 6,700 of the units are in Northern California, including Silicon Valley; about 13,000 of the apartments are in Southern California.

As a real estate broker agent at the RE/MAX Napa Valley office RE/MAX Cornerstone I specialize in selling just multifamily apartment investments and working with buyers of multifamily around the bay area. My colleague Armando Lincoln 707-299-9779 part of the team handles all real estate commercial and residential that is not multifamily. Over 65% of our sold real estate deals are never advertised. Most are offered to sale only to buyers represented by our team. To gain access to the off market inventory or to learn how we work with buyers contact Mike Bolen for multifamily Mike@MikeBolen.com or 707-254-9999.  Contact Armando Lincoln 707-299-9779 for all other commercial and residential (ie. homes, land and other real estate opportunities) and Ken Dunbar 707-365-9070 for all commercial leasing needs.

A key piece of downtown Napa real estate is becoming free from a long term below market lease. The property located in downtown Napa on Main Street between 1st and Pearl is ideal for a mixed use development. The current owner Keith Rogal said in July, “I have felt for a long time that that block was crucial to make a more pleasant and vibrant downtown.” He finds the parking lots and open space around Mervyn’s “deadening.”

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Here at the RE/MAX Napa Valley office RE/MAX Cornerstone I specialize in multifamily investments. Foreclosure, off market, short sales and soft market proeprties. Most multifamily is never advertised I mail over 12,000 postcards each and every month and make 1000’s of phone calls. Call or email me anytime with questions or to view a property. You can reach me, Mike Bolen anytime via email Mike@MikeBolen.com or give me a call 707-254-9999. I look forward to finding the perfect investment for you.

I found an interesting article about futures that can be purchased to hedge against a decline in value of your real estate holdings in the San Francisco bay area. As real estate investors in Napa, Sonoma, Marin and Solano county the past two years have ushered in some interesting buying opportunities. Here is a way to protect your equity:

Using Futures To Hedge Your House

Here at the RE/MAX Napa Valley office RE/MAX Cornerstone I specialize in working with multifamily investment buyers and sellers. If you have a question about Napa, Sonoma, Marin or Solano multifamily give me Mike Bolen a call 707-254-9999 or email me anytime.