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CHULA VISTA, CA-A Los Angeles-based partnership has sold a 500-unit apartment complex here to a Palo Alto developer and owner of multifamily property in a $62-million deal.

Essex Property Trust Inc. bought the Marbrisas I & II apartment complex from Rancho Del Rey LLC, in the final phase of a two-property sale valued at $118.8 million. The property, consisting of 23 buildings on 26 acres, was built in 1990.

The complex includes a fitness center, two pools, a clubhouse and picnic areas.

Dennis Danielian and Jesse Goldstein of TCI Properties Investment Real Estate Brokers, based in Redwood Shores, represented both parties in both transactions.

Essex Property’s portfolio consists almost exclusively of multifamily properties, located in the San Francisco Bay Area, Los Angeles, Ventura, Orange and San Diego counties and the Pacific Northwest, including the Seattle and Portland metropolitan areas.

The average occupancy of the company’s portfolio has exceeded 95% for the last five years.

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