(To read more on the multifamily market, click here.)
HERMOSA BEACH, CA-Equity Residential has acquired a 168-unit,$64.6-million apartment building adjacent to a complex that itbought in June, with both deals brokered by Ron and Greg Harris ofMarcus & Millichap. Ron Harris tells GlobeSt.com that theacquisition is the third in the area in recent months for theChicago-based REIT, which also acquired an 80-unit complex in PlayaVista recently in a deal that he brokered.
The new Equity Residential acquisition in Hermosa Beach iscalled the Gallery. The complex, at 414 Second St., is a class Aproperty that has been substantially upgraded over the last fewyears by the seller, Playa Pacifica Ltd.
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