PCCP Provides $268.4M in Financing for Acquisition of Two Apartment Towers in Los Angeles
LOS ANGELES — PCCP has provided $268.4 million in financing for the acquisition of two newly built, 28-story apartment towers in downtown Los Angeles. Known as The Grace and The Griffin, the Class A properties offer a total of 575 units and were delivered in late 2018 by the seller, Holland Partners. The properties are located at 732 and 755 South Spring St.
Totaling 275 units, The Griffin features a mix of six studios, 155 one-bedroom, 55 two-bedroom and 59 three-bedroom apartments and 9,726 square feet of ground-floor retail space. The Grace offers 300 units in a mix of 18 studios, 195 one-bedroom, 61 two-bedroom and 26 three-bedroom layouts, as well as 7,569 square feet of ground-floor retail space. The units feature open floor plans with integrated kitchens, quartz countertops, stainless steel hardware and appliances, in-unit washers/dryers, recessed light fixtures, vinyl plank flooring and 9.5-foot ceiling heights.
Each building features a resort-style infinity pool and spa, observatory rooftop lounge, bar and entertainment lounge, dog wash and run, two-story fitness center and yoga studio, business center, package delivery lockers, dry cleaning drop-off, electric vehicle charging stations and a coffee bar.
Currently nearly 50 percent leased, the undisclosed buyer plans to hold the portfolio as a long-term investment.