WOODLAND HILLS, CA-An Essex Property Trust-sponsored joint venture called Wesco LLP has acquired the newly built 438-unit Millennium Warner Center apartments in Warner Center from Warner Center Apartments LP for $132.85 million. The sale is one of the largest single-property apartment transactions in L.A. County since 2005, according to the Institutional Property Advisors division of Marcus & Millichap, which represented the seller.

IPA executive vice president Stan Jones says that the complex “is currently in a rapid lease-up and is absorbing 40 to 70 leases per month.” He adds, “Given the intense buyer demand and leasing momentum, investors are willing to assume the lease-up risk for true core assets.”

Jones was part of an IPA team including EVP Ron Harris, associate vice president Sal Saglimbeni and associate director Joseph Smolen who represented the seller. Jones says the sale illustrates the “tremendous demand for newer, class A assets in core California markets, and these opportunities are few and far between.”