Essex JV Buys 438 Units for $133M

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.”