Hayward: Essex Property Trust buys Lincoln Landing for $205.3M

Essex Property Trust (NYSE: ESS) bought Lincoln Landing, a 474-unit apartment community in Hayward, for a contract price of $205.3 million. The deal is disclosed in the company’s Form 10-Q filed Oct. 28 with the Securities and Exchange Commission. The filing lists the property as built in 2022 and describes the purchase as a subsequent event, meaning it closed after the Sept. 30 quarter end covered by the report.

The filing does not name the seller, state a cap rate, or give an exact closing date beyond “subsequent to quarter end.” At $205.3 million for 474 units, the price works out to roughly $433,000 per apartment home.

Why it matters

At roughly $433,000 a unit, the deal gives East Bay owners, lenders and brokers a fresh, filed price point for a recently built Hayward apartment community. It also shows one of the largest apartment REITs on the West Coast buying stabilized Alameda County product with cash on hand rather than waiting.

The same 10-Q discloses a second post-quarter Bay Area move: Essex is taking a 378-unit, 2024-built apartment community in Oakland onto its balance sheet in the fourth quarter, after liquidating its $64.2 million subordinated loan interest and paying off the associated $92.3 million senior mortgage. Essex said in the filing it had not accrued income on that investment since the third quarter of 2025. Together, the two disclosures show Essex adding more than 850 Bay Area units to its platform in a single quarter, through a straight purchase and a takeover of a property it had lent against.

The numbers

• $205.3 million: contract price for Lincoln Landing
• 474: apartment homes in the Hayward community
• 2022: year the property was built, per the filing
• ~$433,000: implied price per unit
• 378: units in the separate Oakland community Essex is consolidating in Q4 2026
• $64.2 million: subordinated loan position tied to the Oakland deal that Essex liquidated

What’s next

Essex’s next quarterly filing, the 10-K covering full-year 2026, is where the company would typically disclose any additional detail on Lincoln Landing, including financing terms or operating performance, along with the completed consolidation of the Oakland property. Neither deal’s seller has been identified in SEC filings to date. For more on Bay Area multifamily activity, see The American Developer’s San Francisco market page.