LOS ANGELES—Wood Partners says it has sold 8th+Hope, a 22-story, 290-unit luxury glass high-rise in the core of downtown Los Angeles, to Essex Property Trust for $200 million. 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.

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.”