ASB Real Estate Investments has acquired a 35-storey trophy residential property in the South Park neighbourhood of downtown Los Angeles for USD160.5 million.
The purchase of Watermarke Tower was made on behalf of ASB’s Allegiance Real Estate Fund, a USD3.5 billion core investment vehicle.
Built in 2010 at 705 W. 9th Street, the 214-unit luxury high rise has a fitness centre, cardio room, catering kitchen, private dining room, wine cellar, private conference rooms, heated swimming pool and spa, billiards lounge, media room, dog park, Zen garden, and parking for over 350 vehicles.
At 97 per cent occupancy, the building offers views of the Los Angeles skyline and the Hollywood Hills.
Robert Bellinger, president and CEO of ASB Real Estate Investments, says: “ASB has made two new investments in Los Angeles this year to take advantage of the surge into downtown of young affluent renters, who seek proximity to major entertainment attractions and neighbourhood retail as well as convenience to the downtown business district. The market has developed into a prime residential location and new projects under development should make the South Park neighbourhood even more attractive and vibrant.”
According to a recent study by the Downtown Center BID, downtown’s population has nearly tripled to more than 52,000 residents since 2000 at a median age of 34 years and a median income of USD98,700.
In June, ASB acquired a warehouse complex, located in downtown’s Arts District with plans to redevelop the buildings into a destination retail centre. The company, on behalf of Allegiance Fund, has purchased 71,000 square feet of high street retail space in prime Los Angeles shopping districts since early 2013. During that time, ASB has completed other major property acquisitions in New York, Chicago, San Francisco, Denver, Miami, and Washington, DC.