Multifamily REIT grows in L.A.

Essex Property Trust Inc. announced that an affiliate has acquired the Renaissance Apartments, a 168-unit apartment community in Los Angeles, for approximately $46.3 million.

Renaissance Apartments was built in 1990 and consists of one four-story building over three levels of parking and is composed of 29 studio apartments, 48 one-bedroom, one-bathroom units, and 91 two-bedroom, two-bathroom units.

Keith R. Guericke, president and chief executive officer of Essex, said the company expects "to see increased rental growth in this market as a result of local job and population growth."

Palo Alto, Calif.-based Essex Property Trust Inc. is a fully integrated real estate investment trust that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast communities.

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