CPPIB sells $1b apartment portfolio to Essex Property Trust
Essex Property Trust has acquired 45 percent interest in a land parcel and six communities valued at approximately $1 billion on a gross basis from the Canada Pension Plan Investment Board.
The six communities total 2,020 apartment homes.
The REIT also acquired Pure Redmond, a 105-unit apartment home community located in Redmond, Wash., for a total contract price of $39.1 million. And through its joint venture Wesco V, Essex acquired Velo and Ray, a 308-unit apartment home community located in the Fremont neighborhood of Seattle, for a total contract price of $133 million.