Essex Scoops Up Stakes In Avant's $250M Calif. Apt. Towers

Law360, New York (June 18, 2012, 5:34 PM ET) -- California-based Essex Property Trust Inc. has purchased from Avant Housing LLC the land and equity stakes in a $250 million San Francisco apartment tower complex project that is currently under development, Avant announced Monday.

The deal gives Essex a place in a partnership that was forged four years ago between investment firm AGI Capital, commercial developer TMG Partners and the California Public Employees' Retirement System. Partnering with a Canadian institutional investor, Essex will take a 55 percent interest in the venture and will earn development, asset...
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