LOS ANGELES — Essex Property Trust has acquired 8th+Hope, a 290-unit high-rise apartment complex in Downtown Los Angeles, for $200 million. The luxury community is located at 801 S. Hope Street, at the intersection of its namesake, 8th and Hope streets.
The glass complex is one of the first high-rise apartment buildings to be built and listed for sale in Downtown Los Angeles since the recession, according to the seller, Wood Partners. The company also notes 8th+Hope sold for a higher price per square foot than any previous multifamily project in Downtown Los Angeles.
8th+Hope opened last summer. It is currently 55 percent occupied. The community is anticipated to reach stabilized occupancy by the third quarter of 2015.
Common-area 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. It also includes a private film theater, guest suites, in-unit salon and spa services, 24/7 concierge service, car sharing and covered parking. Housecleaning, pet care, grocery delivery and porter services are also available. Units feature floor-to-ceiling glass, expansive balconies, and high-end interior finishes like wood flooring, granite countertops and stainless steel appliances.