The value fund now has the same stake as its REIT parent, Essex Property Trust Inc., Mary Jensen, Essex's investor relations director, tells GlobeSt.com. The 2% balance of the ownership is held by several private investors.

The two complexes, situated next to each other and both built in 1968, include 1,447 units in a resort-style setting. Of these, 732 are at the North complex at 880 Irvine Ave. and 715 are at the South complex at 1700 16th St.

Keith R. Guericke, president and CEO of Palo Alto-based Essex Property Trust Inc., says the transaction indicates the company's belief that Southern California "continues to provide desirable investment opportunities" in the apartment market, based on its solid fundamentals compared to other similar housing markets in the nation.

The Coronado North and South, located less than a mile from the Pacific Ocean, consist of studio, one- and two-bedroom units. The apartments at the Coronado North complex range from 406 sf to 951 sf and rent for $899 to $1,425 per month, while those at the Coronado South complex range from 406 sf to 978 sf and rent for $875 to $1,375 monthly. The complexes feature gated entrances, laundries, access to public transportation, fitness facilities, swimming pools and spas, tot lot, business center with high-speed Internet access, patios and balconies, lighted volleyball courts, an on-site dry cleaner and other amenities.

Essex acquired the two assets in 1999 and completed a renovation on the North in 2001. The company says it currently is evaluating several possible redevelopment plans for the South complex.

Essex acquires, develops, redevelops and manages multifamily properties in West Coast communities. Its portfolio includes interests in 118 properties totaling 25,125 units, with 1,248 units in various stages of development. The acquisition of its partner's interest is the latest in a number of recent Southern California deals for Essex, which last month paid $74 million to San Francisco-based Carmel Partners for another Orange County property, the 468-unit Villa Venetia apartments in Costa Mesa.