Waterton Purchases 293-Unit OLiVE DTLA Multifamily Community in Downtown Los Angeles


Located in downtown Los Angeles, OLiVE DTLA features 293 apartments, a rooftop deck with swimming pool and sundeck and street-level retail space. (Image courtesy of Waterton)

LOS ANGELES — Waterton has purchased OLiVE DTLA, a seven-story mid-rise multifamily community located at 1243 S. Olive St. in downtown Los Angeles.

Blake Rogers, Alexandra Caniglia, Hunter Combs, Javier Rivera and Kevin Sheehan of Walker & Dunlop represented the undisclosed seller in the deal. Justin Nelson and Allan Edelson, also of Walker & Dunlop, arranged acquisition financing for Waterton.

Built in 2017, OLiVE DTLA features 293 apartments in a mix of studio, one- and two-bedroom floor plans. Units offer stainless steel appliances, subway tile backsplashes, European-style cabinets, quartz countertops, double pane floor-to-ceiling windows and wood-plank flooring. Additionally, select units feature balconies.

Community amenities include a lobby, lounge, rooftop courtyard, resort-style pool area with sundeck, fire pit, grilling stations, business center, fitness center, on-site pet park and underground, controlled-access parking.

The property also features 14,500 square feet of street-level retail space, 2,400 square feet of which Waterton plans to convert into 110 residential storage units. The company also plans to improve in-tenant technology access.

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