LOS ANGELES-Essex Property Trust has acquired the 165 apartments and 38,543 square feet of retail space in the historic garment district building Santee Court, which was constructed in 1912 was converted to residential use in an adaptive reuse project in 2004, for $31.1 million in an all-cash deal. Ron Harris of Marcus & Millichap, who represented the buyer and seller L&B Realty Advisors of Dallas along with Greg Harris of Marcus & Millichap, tells GlobeSt.com that the property generated eight offers on an open-bid basis.

Santee Court, at 700-722 S. Los Angeles St. in Downtown Los Angeles, is designated as a historic structure and as such benefits from the Mills Act, which grants tax reductions to owners of such buildings in exchange for the owner’s agreement to maintain the building according to historic preservation standards.

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