Essex Launches Apartment Fund with $105 Mil

PALO ALTO, CA-Along with its second quarter results, Essex Property Trust is reporting this week the formation of Essex Apartment Value Fund LP. The total equity capital committed to the fund at this time by Essex and other investors is $105 million.

The fund will invest in multifamily properties located in California, Oregon and Washington. The plan is to add value through rental growth and appreciation, using Essex’s development, redevelopment and asset management capabilities.

The fund will generally be Essex’s exclusive investment vehicle for new investments until the Fund’s committed capital has been invested or committed for investments or, if earlier, December 31, 2003.