Equity Residential Acquires $65M Complex

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HERMOSA BEACH, CA-Equity Residential has acquired a 168-unit, $64.6-million apartment building adjacent to a complex that it bought in June, with both deals brokered by Ron and Greg Harris of Marcus & Millichap. Ron Harris tells GlobeSt.com that the acquisition is the third in the area in recent months for the Chicago-based REIT, which also acquired an 80-unit complex in Playa Vista recently in a deal that he brokered.

The new Equity Residential acquisition in Hermosa Beach is called the Gallery. The complex, at 414 Second St., is a class A property that has been substantially upgraded over the last few years by the seller, Playa Pacifica Ltd.