Essex Property Trust invests $414.7m in three US apartment assets
Essex Property Trust has completed three acquisitions worth $414.7m (€373m), the US West Coast apartments investor said its third-quarter earnings report.
The real estate investment trust said Wesco V, the 50-50 joint venture with the State of Wisconsin Investment Board (SWIB) has acquired the 331-unit The Courtyards at 65th Street in Emeryville, California for $178m.
Essex Property said it acquired the 777 Hamilton Apartments in Menlo Park for $148m for BEX IV a new joint venture it created with an unnamed partner. Essex Property holds a 50.1% stake in BEX IV.
The company also bought the 132-unit Township Apartments complex in Redwood City for $88.7m. This property will be 100% owned by Essex Property.