Palo Alto, California—Essex Property Trust, Inc. (NYSE:ESS) announced the purchase of 8th & Hope, an apartment community located in the core of downtown Los Angeles, for a contract price of $200 million. The property is centrally situated near high paying jobs in the financial district, shopping, entertainment, and restaurants. Downtown Los Angeles is being revitalized by commercial and residential development and new entertainment venues. Several projects are underway to improve public transportation within the Downtown area, providing access to other parts of the Los Angeles metro region, including Santa Monica.
8th & Hope is a 22-story apartment community comprised of 290 apartment homes and roughly 4,000 square feet of ground floor retail space. Each home has high-end finishes and floor to ceiling windows. The property is condo mapped and features a rooftop deck, pool and spa, resident lounge, media room, two separate cardio and weight training gyms, and large first floor flex space. 8th & Hope scores 96 out of 100 on walkscore.com. The property was completed in 2014, is roughly 50% leased and is expected to reach stabilized occupancy by the third quarter of 2015.
About Essex Property Trust, Inc.
Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 239 apartment communities with an additional 12 properties in various stages of active development. Additional information about Essex can be found on the Company’s web site at www.essex.com.