Under the terms of the joint venture agreement, Palo Alto, Calif.–based Essex Property Trust, Inc., a fully integrated REIT that acquires, develops, redevelops and manages multifamily residential properties, joins with a partnership of Fortress Investment Group LLC as a new, preferred equity partner in the property.

New York-based Fortress, a leading, highly diversified global investment firm, had approximately $46.3 billion of assets under management as of the third quarter of 2011.

Fisher, Stevens and Smith, principals with Lee & Associates-LA North/Ventura, Inc., represented both Fortress and Essex in the transaction.

Additional terms of the transaction were not disclosed.