Essex Property Group sells two apartments for $232m

Essex Property Group has sold a portfolio consisting of two apartment communities, One South Market and Museum Park, both located in San Jose, for a total contract price of $232 million, the REIT reported in its quarterly report.

Combined, the two communities contain 429 apartment homes and approximately 6,534 square feet of retail. The buyers were not disclosed.

Subsequent to quarter end, the company sold a 126-unit apartment community located in Redmond, Wash., at a total contract price of $51.5 million. The community was originally acquired in 2011 at a total contract price of $30.1 million.

On the development side, the company entered into a joint venture to develop Scripps Mesa Apartments, a 264-unit apartment community located in the Scripps Ranch area of San Diego. The REIT has a 50.5 percent ownership in the development, which has a total projected cost of $102.0 million.