L.A. luxury apartment tower sells for $504m

Northland, a national real estate private equity firm with $8 billion of assets under management, has entered the California market with the acquisition of THEA at Metropolis in Downtown Los Angeles. With a $504 million acquisition price, the transaction represents one of the largest single-asset market-rate multifamily acquisitions in U.S. history.

Conceived, designed and built as for-sale condominiums before being converted to apartment homes after construction, THEA was completed in 2020 and is currently stabilized at 91 percent occupancy.

Located on Eighth Street in the heart of Downtown Los Angeles, THEA is a 59-story, 685-unit Type-I constructed mixed-use asset with 30,000 square feet of ground-floor retail. In a Los Angeles market characterized by best-in-class construction and luxury finishes, THEA boasts full curtain wall floor-to-ceiling glass construction; 1,038-square-foot average unit sizes; luxury condo-spec interior finishes featuring real oak wood floor