Essex Apartment Value Fund sold the upscale apartment community for about $69 million. In connection with the transaction, the buyer assumed a non-recourse secured mortgage of about $40 million, with a 7.99% fixed rate which matures in 2005.
The value fund purchased the asset in August of 2001 for $62 million and the net proceeds from the sale will be distributed to the fund's investors.
"We are pleased with the Fund's first full-cycle investment, providing a good start in achieving the fund's financial goals," says Keith R. Guericke, president and CEO of Palo Alto-based Essex Property Trust.
The remaining real estate portfolio is comprised of six apartment communities representing 1,377 apartment units and three development land parcels where 618 units are planned for construction.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
