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July 17, 2013

Essex sells apartments on Eastlake

By JOURNAL STAFF

Palo Alto, Calif.-based Essex Property Trust sold Eastlake 2851, a 127-unit luxury apartment complex at 2851 Eastlake Ave. E. for $40.86 million, property records show.

The buyer is listed as an entity related to ZERC LLC, which shares a New York address with Zurich Alternative Asset Management LLC. The company is the investment arm of Zurich Insurance Group and invests in hedge funds, private equity and U.S. real estate. Zurich Alternative Asset Management says it has more than 200 properties in 30 states.


 
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