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Daydream Snags First California MFs in DTLA
Denver-based Daydream Apartments acquired two Class A multifamily properties in Los Angeles from owner and developer, Holland Partner Group, for a reported $403 million. The Fashion District assets in DTLA include The Grace on Spring and The Griffin on Spring.
The pair of 24-story properties are located at 8th and Spring Streets and were built in 2018. The Grace has 300 units and 7,500 square feet of ground floor retail space. The Griffin has 275 units and 9,000 square feet of ground floor retail space. The properties offer state-of-the-art amenities, as well as studio, one, two and three-bedroom apartments. Amenities include rooftop lounge areas, gyms, yoga studios, and pools.
Daniel Cohen, founder and CEO of Daydream Apartments, says “Our goal is to bring a new model of affordability and convenience to apartment living in vibrant urban locations.”
PCCP, LLC provided $268.4-million in financing for the acquisition. Vancouver, WA-based Holland will continue to manage both apartment communities.
For comments, questions or concerns, please contact Dennis Kaiser
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