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SAN JOSE, CA-A Forest City Enterprises Inc. subsidiary has closed the sale of 101 San Fernando, a 323-unit apartment community in San Jose, CA, to a subsidiary of Palo Alto, CA-based Essex Property Trust Inc. The gross sale price was $59.6 million, representing a cap rate of approximately 5%, based on trailing 12-month net operating income.

Forest City expects to realize net proceeds from the transaction of approximately $15 million, according to a prepared statement. “This transaction is a great example of selectively taking advantage of opportunities to capture value and generate liquidity from our portfolio,” says Charles Ratner, Forest City president and chief executive officer in a prepared statement.

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