Essex Property Trust to Sell 1.6M Shares to Banc of America Securities

PALO ALTO, CA-West Coast apartment REIT Essex Property Trust Inc. has agreed to sell 1.6 million shares of common stock to Banc of America Securities LLC, which will act as sole bookrunning underwriter for the offering and have the over-allotment option of acquiring an additional 240,000 common shares. All shares to be sold are being offered by the company.

Palo Alto-based Essex says it has earmarked net proceeds from the sale to acquire during the fourth quarter $95.6-million worth of multifamily properties located primarily in Southern California and Seattle that are either under contract or subject to non-binding letters of intent. If all the transactions are closed, they will add 917 apartment units to the company’s existing portfolio of more than 25,000 units.