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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top