Wesco, a joint venture sponsored by Essex Property Trust, purchased the Millennium Warner Center from developer Warner Center Apartments this month for $132.85 million according to a Los Angeles Times article. The newly built 438-unit Millennium Warner Center apartments feature a mix of units from one to three bedrooms, with common area amenities including two resort-style swimming pools with sun decks as well as a 24-hour health club facility.
"There is tremendous demand for newer, Class A assets in core California markets, and these opportunities are few and far between," broker Stan Jones of Institutional Property Advisors, which represented the seller in the transaction, told the Times. "Given the intense buyer demand and leasing momentum, investors are willing to assume the lease-up."
Ron Harris of Institutional Property Advisors, added that this demand "has also created an environment in which developers are building new ground-up construction again in many Los Angeles neighborhoods, as is evidenced by the number of cranes in view all over the city."
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