Essex pays $200m for L.A. apartment complex
Essex Property Trust has purchased 8th & Hope, an apartment community located in the core of downtown Los Angeles, for a contract price of $200 million, or $689,655 per unit. The seller was developer Wood Partners.
8th & Hope is a 22-story apartment community comprising 290 apartment units and roughly 4,000 square feet of groundfloor retail space.
According to Essex, downtown Los Angeles is being revitalized by commercial and residential development and new entertainment venues. Several projects are under way to improve public transportation within the downtown area, providing access to other parts of the Los Angeles metro region, including Santa Monica.
The Los Angeles apartment sector has grown as a market for investors’ capital in the past year, according to Real Capital Analytics. First quarter 2014 closed with $980 million in sales volume. The following quarters averaged $2 billion in transaction activity. The second quarter 2014 cl