The Equity purchase was the 270-unit Riverwalk at Town Center at 24811 Riverchase Dr. in Valencia. The REIT acquired it from Astani/GTS Enterprises, an affiliate of Lambert Smith Hampton Beverly Hills. Sonny Astani, CEO of Lambert Smith Hampton, tells GlobeSt.com that Astani/GTS initially purchased the property from a merchant builder and then leased the complex before selling it to Equity. Lambert Smith Hampton owns and manages approximately 5,000 apartment units in the metro area.

Among the projects the firm has under development are a 235-unit complex in Downtown Los Angeles on Wilshire Boulevard near the Good Samaratin Hospital, and 130 units in Encino. The Riverwalk property in Valencia was built in 2001 and includes a mix of apartments that average 987 sf on a parcel of nearly 10 acres. The unit mix includes 130 one-bedrooms that range from 614 to 964 sf, 124 two-bedrooms that range from 1,103 to 1,262 sf and 16 three-bedroom units of 1,420 sf. The complex includes a pool, a spa, a clubhouse with a game room, a fitness center, a theater and other features. Equity assumed a $37.1 million Fannie Mae loan at 5.5% interest, due in 2012. The Astani/GTS sale to Equity Residential was a direct, buyer-to-seller deal.

In the other transaction, also a buyer-to-seller sale, Essex Property Trust acquired the 101-unit Marina City Club for $27.7 million from the JH Snyder Co. The transaction includes an adjacent marina with approximately 340 boat slips and assorted retail space. The improvements are on a long-term ground lease with the County of Los Angeles that expires in 2067.

The Marina City Club unit mix includes seven one-bedrooms, 67 two-bedrooms and 27 three-bedroom units served by a 2,500-ft pedestrian promenade that bisects the apartment community and the marina.