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Involves 3,200 SD apartments

Essex Property Trust completes BRE transaction

In a more than $4.3 billion transaction that includes the acquisition of 3,200 San Diego area apartments, Palo Alto-based Essex Property Trust reports it has completed its acquisition of San Francisco-based BRE Properties.

The combined company is projected to have a pro forma equity market capitalization of approximately $10.4 billion, and a total market capitalization of approximately $15.4 billion.

That would make the combined firm the third-largest multifamily investment trust by market capitalization in the country, only behind Sam Zell's Equity Residential (NYSE: EQR) and AvalonBay (NYSE: AVB).

Under the completed transaction, Essex (NYSE: ESS) now owns some 5,900 units in more than 20 complexes around the county.

The largest property on the list in San Diego County that has moved from BRE to Essex is the 616-unit Esplanade complex on Camino Ruiz in Mira Mesa that has zero vacancies, according to a CoStar survey.

Another property that has changed hands is the 472-unit Montañosa apartment complex in the Tierrasanta submarket that also has no vacancies.

The 356-unit Carmel Landing apartment complex in the Carmel Mountain Ranch area is an additional property that changed ownership to Essex.

BRE had sold its 300-unit Lakeview Village Apartments in Spring Valley, 208 units on Golfcrest Drive in the Mission Trails area, a 233-unit complex on East H Street in Chula Vista and a 183-unit complex on Telegraph Canyon Road in Chula Vista to San Diego Jackson Square Properties entities in the 15 months prior to the completion of Essex' acquisition.

Some of the larger apartment properties already owned by Essex entities here included the 301-unit Alpine Village, 354-unit Mira Monte Apartment Homes in Mira Mesa, 379-unit Domain San Diego in the San Diego Spectrum in Kearny Mesa and 300-unit Summit Park Village on Lake Murray Boulevard in East San Diego.

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