U.S. Essex Property buys $414.7 mln San Francisco apartment communities

U.S.-based real estate investment trust company Essex Property Trust revealed that it has bought three San Francisco Bay Area apartment communities totaling 658 units in separate transactions.

With a total investment of $414.7 million, Essex Property, via Wesco V, its joint venture with the State of Wisconsin Investment Board, acquired The Courtyards at 65th Street in Emeryville, California for $178 million.

Additionally, the firm also purchased the 777 Hamilton Apartments in Menlo Park for $148 million for BEX IV, the new joint venture it created with an unnamed partner.

Lastly, Essex Property acquired the Township Apartments complex in Redwood City, which is expected to be 100 percent owned by the firm, for $88.7 million.