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Waterton Adds DTLA Mid-Rise to Local Apartment Portfolio
Waterton, a Chicago-based real estate investor and operator, today announced it has acquired the G12, a 347-unit mid-rise apartment community in Downtown Los Angeles. Located at 1200 S. Grand Ave. in the South Park neighborhood, the community is proximate to the city’s financial district, higher education and medical campuses and LA Live. The acquisition for an undisclosed sum brings Waterton’s holdings in Los Angeles to 2,831 units.
“G12 is an excellent addition to our portfolio,” said Jeremy Stern, SVP, 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.”
In addition to cosmetic upgrades throughout the existing 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 transaction was arranged by Cushman & Wakefield.
- ◦Sale/Acquisition
