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SANTA CRUZ, CALIF. — Essex Property Trust has purchased Chestnut Town Homes and Apartments, a 96-unit multifamily property located at 525 Laurel St. in Santa Cruz. The 87,640-square-foot property, which also offers four commercial units, sold for $22.05 million or $220,500 per unit. Built in 2002, the community consists of two buildings offering a mix of one- and two-bedroom units. Jamie D’Alessandro and Brian Henry of Marcus & Millichap represented the seller, Wavecrest Development, in the transaction; Marcus & Millichap also represented the buyer.