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The Real Deal Los Angeles

Jefferson at Hollywood apartment complex sells for $132M

Redwood Urban and Beverly Pacific acquired the property from Essex Property Trust
By Katherine Clarke | January 04, 2017 02:30PM

The Jefferson at Hollywood

Essex Property Trust has sold the Jefferson at Hollywood apartment complex to a joint venture between Redwood Urban and Beverly Pacific for $132.5 million, or $490 740 a unit, according to CoStar.

The sale price represents a small profit over the $120.5 million, or about $446,000 a unit, Essex paid for the property in 2013.

The complex comprises 270 luxury apartments and 8,850 square feet of retail and restaurant space. It has a resort-style pool area, a club house, a fitness center and a private theater.

Curtis Palmer, Chris Benton, Jaspaul Kapoor and Chris Tresp of ARA, a Newmark company, represented both parties in the deal.

Neither Essex nor the buyers immediately responded to requests for comment.

Essex is not entirely in sales mode. The Palo Alto-based REIT recently acquired two apartment communities in the San Fernando Valley for $185 million, or about $375 per square foot, TRD previously reported.