PALO ALTO, CA—Essex Property Trust has formed a $160 million joint multifamily real estate investment venture with the State of Wisconsin Investment Board.
The two bodies have each invested $80 million and will hold a 50% stake in the JV known as WESCO IV.
“We will not be publicly releasing any additional information on this venture until our first quarter 2014 earnings report on May 8th,” said Barb Pak, director of investor relations for Essex, in speaking with San Francisco-based RE website, The Registry.
Northern California, a market where Essex has expertise, will be a target market for the WESCO IV. The JV will also invest in Southern California and Seattle. A previous WESCO joint venture, WESCO III had paid $42.5 million or $299,000 per unit last May for the 142-unit Regency at Mountain View in Mountain View, according to the Essex website.
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