Holland Partner Group Wraps Up 2 LA Towers
- Apr 02, 2019
Holland Partner Group (HPG) has completed a pair of 24-story multifamily towers totaling 575 residential units in downtown Los Angeles. The properties at the intersection of 8th and Spring Street were designed by MVE + Partners.
The high-rise communities offer an apartment mix ranging from studios to three-bedroom units. The Griffin on Spring, located at 755 S. Spring St., consists of 275 residential units atop 9,000 square feet of ground-floor retail space. Across the street at 732 S. Spring St., The Grace on Spring includes 300 units with 7,500 square feet of ground-floor retail.
HPG broke ground on The Griffin in late 2015, following by The Grace in May 2016, according to REBusinessOnline. Both buildings at the intersection of the Historic Core and Fashion District feature high-end amenities including rooftop lounges, fitness centers with separate yoga rooms, and swimming pools.
Multifamily booming in downtown LA
“Since breaking ground, the towers have reinforced a sense of renewed vitality within the local community, as premier retail stores and restaurants emerge in the immediate area, helping to bridge together other newly-revitalized areas of downtown Los Angeles,” commented Matthew McLarand, president and director of design, MVE + Partners in a prepared statement.
Multifamily demand is robust in Los Angeles, which posted an average occupancy rate of 96.6 percent as of October 2018, according to Yardi Matrix data. Investment sales reached a cycle high of $4.5 billion year-over-year as of November. The downtown is seeing the most intense construction activity across the metro, with 5,110 multifamily units underway as of November.
Vancouver, Wash.-based HPG is active in the western U.S., with nearly 7,000 residential units under development and construction. In January 2018 the group was tapped to develop a mixed-income, 253-unit community in San Diego’s Little Italy neighborhood in concert with BRIDGE Housing Corp.