First Post-Recession Luxury High-Rise to Be Built and Sold in Downtown Attracts Record Price for Apartment Community
LOS ANGELES, CA, Feb 27, 2015 (Marketwired via COMTEX) — 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.