Wisconsin commits $80m to core JV with Essex
The State of Wisconsin Investment Board and Essex Property Trust have each committed $80 million to a joint venture titled Wesco IV, the fourth in a series of joint ventures between the two. The joint venture will invest in core multifamily properties on the West Coast.
“It is a follow-on investment to a prior successful strategy and a good portfolio fit,” says Vicki Hearing, public information officer with SWIB.
All investments will be made in West Coast markets in which Essex already has a significant presence — markets SWIB finds particularly appealing at this time.
SWIB manages $103.7 billion in assets, $87.8 bill