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LOS ANGELES — A joint venture between Zion Enterprises and TA Partners has purchased a 1.3-acre development site in downtown Los Angeles for an undisclosed sum. The site is situated on Grand Avenue and Cesar Chavez Avenue.
The land is entitled for a 22-story, 299-unit multifamily tower with 8,000 square feet of ground-floor retail. The JV received development entitlements during escrow.
CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, an affiliate of locally based Cimmarusti Holdings, in this transaction.