88
CAMPBELL, CALIF. — ARA has brokered the $42.5 million sale of The Commons, a 264-unit apartment community located along Union Avenue off Route 17 in Campbell. Completed in 1973 and having undergone more than $1.7 million in exterior/interior renovations in the past several years, The Commons features a mix of studios, one- and two-bedroom floor plans and includes two resort-style swimming pools, a fully-equipped fitness center, a business center and covered parking. ARA’s Mark Leary and Curtis Gardner acted as advisors to the Bay Area-based private owner in its disposition of the asset, which was 94-percent occupied at the time of sale, to Palo Alto, Calif.-based Essex Property Trust.