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Essex Property nets $285.3M from 3-property sale in California

Essex Property Trust Inc. sold three properties in California for a combined consideration of $285.3 million during the fourth quarter.

In December, Essex Property divested the 8th and Hope property in Los Angeles under a $220.0 million agreement. The trust bought the property, which includes 290 luxury apartment homes and approximately 5,900 square feet of retail space, for $200.0 million in 2015.

The multifamily-focused residential real estate investment trust, through its 50%-owned BEXAEW LLC and Wesco III LLC co-investment platforms, also sold the Enclave at Town Square and The Summit communities in Chino Hills, Calif., for $30.5 million and $34.8 million, respectively, in November.

A majority of the net proceeds from the disposals will be used to finance the company's $104 million acquisition of the Meridian at Midtown apartment complex in San Jose, Calif., which closed in the fourth quarter. The REIT said any remaining funds from the transactions will be utilized to finance developments, repay debt and repurchase stocks.

Essex Property has sold an aggregate of $417.3 million assets year-to-date in 2018.