Palo Alto-based REIT Essex Property Trust acquired two apartment communities in L.A.’s San Fernando Valley last week for $185 million, or about $375 per square foot, The Real Deal has learned.
The seller was IMT Capital. The two complexes, on Riverside Drive in Valley Village, contain a total of 408 units and sit on just over three acres of land. Mark Petersen of Eastdil Secured — formerly of HFF — represented both the buyer and the seller.
Emerson Valley Village, at 12000 Riverside Drive, was built in 2010 and has 144 units. Down the street, IMT Sherman Village at 12729 Riverside has 264 units. It was completed in 2014.
Essex paid all cash, Petersen told TRD. The Palo Alto-based firm recently sold a Northridge multifamily property for $43.5 million to Waterton, a Chicago-based investment and management firm.
The Sherman Oaks-based IMT Capital, which also boasts a national portfolio of apartment properties, closed a $630 million investment fund in committed equity earlier this year, TRD reported.