Trumark Urban to Enter Los Angeles Multifamily Market
Los Angeles—San Francisco-based developer Trumark Urban has announced that it has acquired a fully entitled development site located at West 11th Street and South Grand Avenue in Los Angeles’ downtown South Park neighborhood. The company intends to use the site to build a 24-story, 151-unit condominium building in hopes of filling the demand for for-sale residences in the city’s urban core.
“This building is the right size and location for our entry into the market,” says Arden Hearing, managing director of Trumark Urban. “Many developers are building rental apartments, which has helped to bring retail services to the area, but the sub-market is dramatically lacking new condo inventory for those residents who prefer ownership. In that, we see opportunity.”
The project, which is expected to cost more than $100 million to develop, is expected to break ground in January 2015 and initial offerings for the residences are anticipated for early 2016. Trumark Urban will focus on planning and entitlements for the site for the rest of this year.
Initial plans for the site include a design and amenity offerings that will attempt to appeal to a newer generation of buyer.
Some planned amenities for the community include a sky-pool lounge area with barbecues and fire pits, pet-washing stations, a movie theater and community and business areas.
“We are excited to offer this project in such a special location to a market that is really underserved in terms of new condo inventory,” says Kevin Bixler, site acquisition manager for Trumark Urban. “We are looking aggressively for additional A+ sites in various, targeted, locations around Los Angeles.”
The site had earned entitlement in 2007 but was shelved following the financial downturn in 2008.
Trumark Urban, an off-shoot of Trumark Companies, has invested more than $750 million into numerous projects between Los Angeles and San Francisco. Those projects include more than 1,200 residential units spread across 10 different sites.
“We have been watching Los Angeles for years, and downtown specifically,” Hearing says. “We see a unique confluence of events that results in a burgeoning urban scene ready-mixed with jobs and amenities.”
With regards to its positioning in the Los Angeles market, Trumark Urban is currently under contract to purchase another site that it intends to use for a condo project as well. That site is expected to begin construction in the third quarter of 2014.
Joshua Ayers, Senior Editor