Massive L.A. apartment complex purchased

REIT sells after 6 years of ownership

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Essex Property Trust Inc. recently sold a large Los Angeles apartment community for approximately $120 million to an unidentified buyer. Essex acquired the 687-unit City Heights Apartments in January 2001, and owned the land and leased the improvements on the land to an unrelated party. The property is located at 209 S. Westmoreland Ave. Palo Alto, Calif.-based Essex Property Trust Inc. is a fully integrated real estate investment trust that acquires, develops, redevelops and manages multifamily residential properties in selected West Coast communities. ...