Essex Property Trust acquired Marbella Apartments, a 60-unit apartment community in Los Angeles.
The value of the transaction was approximately $13.6 million.
Marbella Apartments was built in 1991 and is located approximately six miles from downtown Los Angeles and approximately three miles from Beverly Hills and Hollywood. The community consists of eight studio units, approximately 508 square feet each; 20 one-bedroom, one-bathroom units averaging between 676 and 716 square feet; and 32 two-bedroom, two-bathroom units averaging between 971 and 1,027 square feet.
The property also features a rooftop swimming pool and spa.
Palo Alto, Calif.-based Essex Property Trust Inc. is a fully integrated real estate investment trust.
What’s your opinion? Send your Letter to the Editor to email@example.com.