Essex sells San Diego apartments

Property located near historic downtown

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Essex Property Trust sold the 230-unit Palermo Apartments in San Diego, Calif. The value of the transaction was $58.2 million. Palermo, a luxury multifamily community, is comprised of five stories atop a parking garage and offers live/work lofts in addition to one-, two-, and three-bedroom floor plans that average 842 square feet. The property is within walking distance to San Diego Bay and the downtown Gas Lamp district, which provides a variety of shopping and dining alternatives. The buyer's identity was not disclosed. Palo Alto, Calif.-based Essex Property Trust Inc. is a fully integrated real estate investment trust that acquires and develops multifamily residential properties in selected West Coast communities. *** What's your opinion? Send your Letter to the Editor to newsroom@inman.com....