Essex Fund Sells 500-Unit Complex for $69M

CHULA VISTA, CA-Essex Property Trust Inc. reported today that its apartment value fund has sold its Marbrisas asset, a 500-unit luxury apartment community located in this South County community.

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.