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3/02/15
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Essex Property Trust closed on a big res buy in downtown Los Angeles, paying $200 mil for 8th and Hope, a 22-story, 290-unit luxury glass high-rise. That works out to a very healthy $690k per unit. The asset was sold by Wood Partners, one of the country’s largest developers of residential properties.
The .7-acre complex is one of the first post-recession high-rise apartment buildings to be built and listed for sale in downtown Los Angeles. The property includes about 4.3k sf of retail space on the ground floor and scores 96 out of 100 on walkscore.com.
There was extremely high interest in the sale by investors, according to Wood Partners, and the price per square foot paid for 8th + Hope has exceeded any previous sales for multifamily projects in downtown Los Angeles.
“We started developing this project in early 2007 when the vision of a revitalized downtown was a still a question in many people’s minds,” said Frank Middleton, Wood Partner’s Western region development director. “As we came out of the downturn, we began integrating design and marketing roles into the development process with the objective of unlocking value for our residents by creating better communities. It was exciting to roll this out while also participating in the coming of age of the downtown market.”
The property, which opened last summer, already is 55 percent leased and is expected to reach stabilized occupancy by the third quarter of 2015. 8th+Hope offers units with floor-to-ceiling glass, expansive balconies and high-end interior finishes including wood flooring, granite countertops and stainless steel appliances. Housecleaning, pet care, grocery delivery and porter service are available.
8th+Hope’s amenities include a 10k sf rooftop deck and club room with retractable glass walls that lead to an outdoor social/dining area, spa, fire pit and garden retreat. The complex also includes a lavish private film theater, guest suites, in-unit salon and spa services, 24/7 concierge service, car sharing and covered parking.
Curtis Palmer of CBRE’s Beverly Hills office negotiated on behalf of the sellers, Wood Partners and CBRE Wood Partners Development Fund III, a multifamily development fund sponsored by CBRE Global Investors.
One of the nation’s most active multifamily developers, Wood Partners has more than 3,000 units completed or under construction in Southern and Northern California, and a total of more than 4,200 on the West Coast, stretching from Seattle to San Diego.
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