Essex Property Trust is a publicly-traded real estate investment trust that invests in apartments, primarily on the West Coast of the United States.
As of December 31, 2017, the company owned interests in 247 apartment complexes, aggregating 60,239 apartment units, and 1 office building comprising 106,564 square feet.
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History
The company was founded in 1971 by billionaire George M. Marcus, who also founded Marcus & Millichap that same year.
On June 13, 1994, the company became a public company via an initial public offering.
In 2006, the company acquired 2 apartment complexes near Santa Barbara, California for $57.1 million.
In 2010, the company acquired a 231-unit apartment complex in San Jose, California for $54 million.
In 2013, the company sold a 400-unit apartment complex in Foster City, California for $138 million.
In 2014, the company acquired BRE Properties for $4.3 billion.
In 2014, the company was added to the S&P 500 Index.
In 2015, the company sold its Sharon Green Apartments in Menlo Park, California for $245 million, or $828,000 per apartment unit, a record sales price for the area. The company also acquired Enso Apartments in San Jose, California for $92.8 million, of $507,000 per apartment unit.
In January 2016, the company acquired a 103-unit apartment complex in Japantown, San Jose, California for $51.25 million, or $498,000 per apartment unit.
In January 2016, the company sold its former headquarters in Palo Alto, California to Google for $18 million.
In December 2016, the company acquired 2 properties in the San Fernando Valley for $185 million.
Maps Essex Property Trust
References
External links
Source of the article : Wikipedia
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