Multifamily owner and manager Daydream Apartments has purchased a pair of newly built, luxury apartment towers in downtown Los Angeles for a total of $403.1 million, according to Yardi Matrix data. The two properties, The Grace at Spring and The Griffin at Spring, comprise a total of 575 units and were delivered late last year by the seller, Holland Partners.
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PCCP LLC provided $268.4 million in financing for the acquisition and stabilization of the two-tower portfolio. Mark Williams and Greg Stampley with Eastdil Secured arranged the financing. Located at 732 S. Spring St., The Grace changed hands for $203.5 million, while The Griffin, located on a separate parcel at 755 S. Spring St., sold for $199.6 million.
Holland Partners wrapped up construction of The Grace in March of this year. The pair of 28-story buildings are nearing 50 percent occupancy, according to a statement by PCCP. The properties are located directly across the street from each other, sitting on a combined land area of 1.8 acres at the intersection of the Historic Core and Fashion District neighborhoods.
The new owner plans to lease up the remaining units to stabilization, lease out the retail space on the ground floor of each building, and hold the portfolio long-term.
Luxury living downtown
The Griffin provides 275 units ranging in size from studios to three-bedroom floor plans and includes 9,726 square feet of ground-retail space. The Grace features 300 units from studios to three-bedroom layouts plus 7,569 square feet of retail. Both properties offer floor-to-ceiling glass on certain sides of the buildings, along with open floorplans, high-end finishes and an average ceiling height of 9.5 feet.
Amenities of each building include an infinity pool and spa, observatory rooftop lounge, two-story fitness center and electric vehicle charging stations, among other perks. Holland Partners broke ground on The Griffin in late 2015, following by The Grace in May 2016, according to REBusinessOnline.