Essex sells San Diego apartments

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.

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