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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
