SOURCE: Wood Partners

Wood Partners

February 27, 2015 20:34 ET

Wood Partners Sells Los Angeles High-Rise 8th+Hope to Essex Property Trust, Inc. for $200 Million

First Post-Recession Luxury High-Rise to Be Built and Sold in Downtown Attracts Record Price for Apartment Community

LOS ANGELES, CA--(Marketwired - Feb 27, 2015) - Wood Partners announced today that is 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 exceeds 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." 

The property is an integral part of the revitalization of downtown L.A., which has seen a surge of commercial and residential development, as well as entertainment venues, in recent years. It includes about 4,300 square feet of retail space on the ground floor and scores 96 out of 100 on walkscore.com.

"A lot of positive development and investment activity is taking place in downtown Los Angeles right now," said Brian Hansen, California Director for Wood Partners. "8th+Hope has played an important role in this exciting revitalization, and we were active participants in making the area a walkable, livable and connected community with an indoor-outdoor connection in an urban environment."

The property, which opened last summer, already is 55 percent leased and is expected to reach stabilized occupancy by the third quarter of 2015.

8th+Hope offers units with floor-to-ceiling glass, expansive balconies and high-end interior finishes including wood flooring, granite countertops and stainless steel appliances. Housecleaning, pet care, grocery delivery and porter service are available.

8th+Hope's impressive amenities include a 10,000-square-foot rooftop deck and club room with retractable glass walls that lead to an outdoor social/dining area, spa, fire pit and garden retreat. The complex also includes a lavish private film theater, guest suites, in-unit salon and spa services, 24/7 concierge service, car sharing and covered parking.

One of the nation's most active multifamily developers, Wood Partners has more than 3,000 units completed or under construction in Southern and Northern California, and a total of more than 4,200 on the West Coast stretching from Seattle to San Diego.

About Wood Partners

Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 53,000 homes with a combined value of more than $8.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 18 major markets nationwide including Atlanta, Austin, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website, www.woodpartners.com and follow our social media accounts, Twitter, Facebook, LinkedIn and Apartment Life Blog.