Essex Property Trust sells DTLA apartment building for $220M

The buyer was a local real estate developer, Bin Fen Cheng

TRD LOS ANGELES /
Jan.January 28, 2019 02:00 PM
8th and Hope and Essex CEO and President Michael Shall

Essex Property Trust has sold a high-rise apartment building in Downtown Los Angeles to a local developer for $220 million, The Real Deal has learned.

Bin Feng Cheng, acting through an LP named 801 Properties, was the buyer of 8th and Hope, deed records show. The San Marino resident is also tied to several other entities, including Pasadena Plus, Rancho Properties and Universal Capital Investment.

At $758,600 per unit, the multifamily sale ranks among the most expensive trades ever on a per unit basis in the Downtown L.A. multifamily market, an industry source said.

And at $220 million, the multifamily sale tops last year’s most expensive sale in the Downtown market.

Located in the South Park neighborhood at 801 South Hope Street, across from the Bloc, the 22-story property includes 290 luxury apartments and 5,900 square feet of retail space. Amenities include a swimming pool, media center, conference room and rooftop deck.

Cheng declined to comment. A representative for Essex did not respond to requests. Essex announced the sale of 8th and Hope in a press release in December, but did not disclose the buyer.

Eastdil Secured had the listing.

Essex, a publicly-traded REIT based in San Mateo, acquired the 300,000-square-foot complex from developer Wood Partners for $200 million in 2015, records show.

Other big recent Downtown multifamily trades include Greystar and Goldman Sachs’ purchase in May 2018 of two student housing complexes as part of a portfolio deal with American Campus Communities. West 27th Place, at 27800 S. Figueroa, sold for $96.3 million, while the Icon Plaza at 3584 S. Figueroa Street went for $66.3 million.


Related Articles

arrow_forward_ios
CEO of Related Companies Jeff T. Blau, and a rendering of the project (Credit: Related)

Grand ambitions: Related’s DTLA megaproject hits halfway mark

Grand ambitions: Related’s DTLA megaproject hits halfway mark
Mack Real Estate Chairman Paul Keller and renderings of the project (Credit: CallisonRTKL)

Mack and AECOM reveal details for 51-story DTLA tower

Mack and AECOM reveal details for 51-story DTLA tower
Jose Huizar and a rendering of the project (Getty, City Market LA)

Huizar-tied community benefits fund linked to DTLA megaproject faces scrutiny

Huizar-tied community benefits fund linked to DTLA megaproject faces scrutiny
A rendering of Times Mirror Square

Onni Group’s Times Mirror Square project clears major hurdle

Onni Group’s Times Mirror Square project clears major hurdle
712 Olive St. (Credit: Google Maps)

Lawsuits force Atlas Capital’s DTLA project to chart new path

Lawsuits force Atlas Capital’s DTLA project to chart new path
Alicia Silverstone from the film 'Clueless', 1995, and a rendering of the Beverly Center (Credit: Paramount Pictures/Getty Images, and Beverly Center via Los Angeles Times)

For LA’s malls, lawsuits could be the next crisis

For LA’s malls, lawsuits could be the next crisis
Bryan Domyan and the S. Hope Street development site (Credit: Google Maps)

Developer plans 144-key hotel near near Staples Center

Developer plans 144-key hotel near near Staples Center
Rendering of the project

LA Trade Tech plans new 80K sf building for DTLA campus

LA Trade Tech plans new 80K sf building for DTLA campus
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...