Essex Property Trust purchased Fountain Park Apartments, a 705-unit multifamily community located in Playa Vista, Calif.

The value of the transaction was approximately $124.5 million.

Fountain Park Apartments is located near the Los Angeles International Airport and is part of the new master-planned community called Playa Vista. Built in 2000, Fountain Park Apartments consists of five, 4-story, elevator-served buildings situated above a subterranean parking garage. The property is comprised of 608,900 rentable square feet, with units ranging in size from 550 square feet for a studio to 1,125 square feet for a three-bedroom/two-bath unit.

Palo Alto, Calif.-based Essex Property Trust Inc. is a fully integrated real estate investment trust.

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