Waterton, a national real estate investor and operator, announced it has acquired the G12, a 347 unit mid-rise apartment community in downtown Los Angeles (DTLA).
“G12 is an excellent addition to our portfolio,” said Jeremy Stern, senior vice president, acquisitions at Waterton. “The high barriers to entry and tapering supply pipeline present an opportunity to execute our signature value add strategy. Given the walkable South Park location and proximity to major employers, we believe G12 offers an attractive option for prospective renters.”
G12 is well-appointed with a variety of amenities that include a lounge with fireplace; a fitness center with a yoga/spin studio and peloton bikes; an outdoor pool and sundeck with grilling stations; a sky terrace with a rooftop dog run offering city views; and private underground parking and bike storage. In addition to cosmetic upgrades throughout the amenity spaces, Waterton plans to bring additional remote work and storage space to residents at G12 and will update the exterior paint and landscaping. The property also includes 17,000 square feet of street level retail which is expected to attract a variety of retailers in the run up to the 2028 Olympics.
“The location, just a few blocks from the planned Olympic events, will give residents access to growing employment opportunities, while the light rail system expansion already underway will improve access across the metro,” continued Stern.
The South Park neighborhood offers residents a variety of amenities ranging from the nearby entertainment options of Crypto.com arena and the LA Live complex, to myriad art galleries, retail and dining experiences.
The transaction was arranged by Cushman & Wakefield.
