Two L.A. apartment buildings sell for $403m
Holland Partner Group has sold a pair of multifamily towers in Downtown Los Angeles’ Fashion District neighborhood for a combined $403 million, reported The Real Deal.
The buyer is Denver-based Daydream Apartments.
The Griffin on Spring and the Grace on Spring towers span 24 stories each. Combined, they hold 575 units and 12,500 square feet of retail space.
Los Angeles County’s apartment inventory swelled by 49,000 units over the past five years, yet vacancy remained in the mid-3 percent to 4 percent range throughout, according to Marcus & Millichap’s second quarter multifamily L.A. report. Diverse economic expansion, a steady rate of household formation and out-of-reach home prices combined to support strong absorption of new and existing rentals during this span. Entering 2019, the gap between the average monthly rent and a mortgage payment sat at $1,300, limiting housing options for most residents even as the metro’s median household inco