The recent sale of the 135-unit Essex House and the 210-unit Gael, which produced a net gain of approximately $10.2 million, marked the third and fourth properties sold off in the last month by Franklin Street Properties to fund the Indianapolis and Englewood holdings.

On Sept. 19, the firm announced the sale of a 264-unit luxury apartment property Mansions in the Park in Baton Rouge, LA for $22.6 million. The company said proceeds from that sale, which resulted in a net gain of approximately $7.2 million, would be to "equitize" a 205,059-sf, two-building office property in Indianapolis that it purchased in July using a drawdown from its credit line.

One day later, the REIT said it had transferred full interest in an entity that owns Gateway Crossing, a 188,819-sf multibuilding flex/office property in Columbia, MD for $26 million. That sale, which resulted in a net gain of approximately $6.8 million, was used to "equitize" a 199,077-sf, two-building office complex in Englewood which the REIT bought in February, also using a drawdown from its credit line, the company said.Officials from Franklin Street Properties did not return calls from GlobeSt.com seeking comment on the transactions.