San Diego Business Journal

Nine Local Apartment Properties Part of $4.1 Billion Multistate Acquisition

By Lou Hirsh Thursday, April 3, 2014
Esplanade Apartment Homes in Mira Mesa  -- Photo courtesy of CoStar Group

Esplanade Apartment Homes in Mira Mesa -- Photo courtesy of CoStar Group

Essex Property Trust Inc. of Palo Alto has acquired 73 apartment properties in three states, including nine in San Diego and Chula Vista, for approximately $4.1 billion, according to CoStar Group and public data.

The transaction includes properties in California, Washington and Arizona with a total of 20,724 units, with 3,200 of those in San Diego County. The deal’s closing came as Essex officials announced that the company has completed its previously announced merger with the apartments’ seller, BRE Properties Inc. of San Francisco.

In a statement, Essex (NYSE: ESS) said the merger with BRE (NYSE: BRE) creates a combined company with a market capitalization of approximately $16.2 billion. The common stock of the combined company will trade under the ESS symbol.

Essex Property Trust, an S&P 400 company, had interests in 163 multifamily properties before the acquisition, including several in San Diego County.

The latest deal includes eight San Diego properties, at 10201 Camino Ruiz, 11795 Stoney Peak Drive, 3394 Daley Center Drive, 11724 Carmel Creek Road, 10752-10776 Scripps Ranch Blvd., 11820 Paseo Lucido, 11505 Windcrest Lane, and 11012 Camino Playa Carmel.

Also included is the property at 1310 Santa Rita East in Chula Vista, according to CoStar. The largest of the local properties by apartment count is the 616-unit community on Camino Ruiz in Mira Mesa, known as Esplanade Apartment Homes.