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Starwood, Holland JV to Develop MF Project in L.A. Opportunity Zone
Miami-based Starwood Capital Group formed a joint venture with Vancouver, WA-based Holland Partner Group to acquire and develop 550 Harborfront, a 375-unit, Class A multifamily project in San Pedro, CA. The development team expects to complete the seven-story, podium-style community in an Opportunity Zone in the Spring of 2020.
The project at 550 South Palos Verdes St. will include 37 studios, 177 one-bedroom units, 139 two-bedroom units, 20 three-bedroom units and two four-bedroom units. Additionally, the property will offer residents top-of-the-market finishes, and a comprehensive amenity package consistent with market standard Class A multifamily developments throughout Los Angeles. Tenant amenities will include a two-story fitness center, resident lounges, a pool and a rooftop lounge with outdoor kitchens and barbecue stations.
Starwood Capital’s David Baker says, “We are excited by the opportunity to develop the first Class A multifamily property in San Pedro since 2008.”
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