Essex JV buys Woodland Hills, Calif., apartment community for $183M

Essex Property Trust Inc. said in its latest earnings report that a joint venture in which it owns a 50.0% stake acquired a 379-unit apartment community in Woodland Hills, Calif., for $183.0 million in January.

The joint venture, Wesco VI LLC, also bought two apartment communities during the fourth quarter of 2021. The venture paid $112.5 million for the 203-unit The Rexford in Fremont, Calif., and $55.0 million for the 139-unit Monterra in Mill Creek in Washington.

During the fourth quarter, the multifamily real estate investment trust purchased the 123-unit Canvas apartment community in Seattle for $47.6 million, as well as a managing interest in a single-asset entity owning a 179-unit apartment community in Vista, Calif., for $44.0 million at its pro rata share.