LOS ANGELES — Trumark Urban has acquired a 151-unit condominium project in Downtown Los Angeles’ South Park neighborhood for $100 million. The community will be located at the corner of West 11th Street and South Grand Avenue.
The project was originally entitled in 2007. It stalled during the financial crisis. Trumark plans to complete the design and entitlement processes this year, before breaking ground this January. The condos are scheduled to hit the market in 2016.
This is Trumark Urban’s first foray into the Los Angeles market.
Trumark Urban is an offshoot of San Francisco Bay Area-based Trumark Companies. The newest iteration now has 10 projects with more than 1,200 residential units in the process between Los Angeles and San Francisco. The total investment cost is more than $750 million.
Trumark Urban is also in the middle of purchasing a second condo development site in Downtown Los Angeles. Construction is expected to begin on that project in the third quarter of this year.