Essex sells apartments on Eastlake


Palo Alto, Calif.-based Essex Property Trust sold Eastlake 2851, a 127-unit luxury apartment complex at 2851 Eastlake Ave. E. for $40.86 million, property records show.

The buyer is listed as an entity related to ZERC LLC, which shares a New York address with Zurich Alternative Asset Management LLC. The company is the investment arm of Zurich Insurance Group and invests in hedge funds, private equity and U.S. real estate. Zurich Alternative Asset Management says it has more than 200 properties in 30 states.

The sale price works out to $321,692 per unit.

Essex finished the building in 2007. It overlooks Lake Union and is near the University Bridge and Eastlake P-Patch.

Runberg Architecture Group designed the complex.

Units range from 435-square-foot studios to 775 square feet for the largest one- and two-bedroom units. Rents range from $1,200 to $2,300.

The building has a gym and a rooftop deck with views of Lake Union. Units have granite countertops, washers and dryers, and large sundeck patios. Essex owns apartment buildings throughout the Puget Sound region and California. Earlier this year it bought a 56-unit building near Seattle Center from Kauri Investments for $18.95 million.