Oakwood Sells Woodland Hills West Complex

Oakwood Corporate Housing has completed the sale of its 446-unit Woodland Hills West complex to Essex Property Trust for $35 million, according to brokers familiar with the deal. Essex, a Palo Alto-based real estate investment trust, plans to spend about $3 million on improvements to the property, including the addition of carports and garages, said Dennis Danielian, a partner in TCI Properties, a brokerage. Los Angeles-based Oakwood, which operates more than 20,000 apartment units in the United States, Europe and Asia, plans to keep and renovate an adjacent 883-unit complex in Woodland Hills.