Essex sells San Diego apartments

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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