/PRNewswire-FirstCall/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that a subsidiary has closed the sale of 101 San Fernando, a 323-unit apartment community in
San Jose, Calif.
to a subsidiary of Essex Property Trust, Inc. (NYSE: ESS), a real estate investment trust based in
. The gross sale price was
, representing a cap rate of approximately 5.0 percent, based on trailing 12-month net operating income. Forest City expects to realize net proceeds from the transaction of approximately
"This transaction is a great example of selectively taking advantage of opportunities to capture value and generate liquidity from our portfolio," said
Charles A. Ratner
, Forest City president and chief executive officer. "We also worked with the buyer in late 2005 on the sale of Enclave, another
-area apartment property. We believe strongly in the
market and have a meaningful presence and asset base in the region, and we continue to invest in new development and new opportunities, particularly in the Bay area."
About Forest City
Forest City Enterprises, Inc., is an NYSE-listed national real estate company with
in total assets. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout
the United States
. For more information, visit
SOURCE Forest City Enterprises, Inc.