FPA Multifamily Pays $186M for Downtown L.A. High-Rise, Extending Buying Spree
By Nick Trombola March 12, 2024 1:30 pm
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FPA Multifamily has extended its buying spree and closed another nine-figure apartment deal in Southern California.
The San Francisco-based investment firm acquired a 34-story, luxury high-rise in Downtown Los Angeles called 888 at Grand Hope Park from prominent developer CIM Group for $186 million, according to The Real Deal. CIM Group first put the asset on the market last summer for $236 million.
Built in 2018 at 888 South Hope Street, hence the name, the 525-unit tower was 94 percent occupied at the time of its listing, per TRD. The building also features 10,000 square feet of ground-floor retail space that is fully leased to Petco and Habit Burger. San Francisco-based FPA is using a $105 million loan from Athene Annuity and Life Company to help pay for the property.
FPA has accrued a hefty portfolio in Southern California as of late. Last month, the firm paid $153 million for two properties with a total of 409 units in Ventura County from an undisclosed seller. That’s in addition to the two-property, 399-unit multifamily portfolio FPA bought from Decron Properties in Thousand Oaks for $171 million in December.
CIM, one of the most active developers in L.A., has several other projects in the works in the region. For one, the firm is redeveloping part of the Cemex Hollywood Concrete Plant, near the intersection of Hollywood Boulevard and La Brea Avenue, with a mixed-use building that could be as tall as 34 stories, which would make it the tallest building in West Hollywood.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
