Riding the colossal wave of new developments in Downtown’s South Park neighborhood, Mack Urban’s seven-story Wren complex is now open for leasing.
The 362-unit luxury apartment building, bordered by Olive Street, Pico Boulevard and Hill Street, is posting average rents of $2,700 per month, starting at $1,850 for studio units and going up to $6,200 for the most expensive units, the developer announced Tuesday. The smallest unit measures 487 square feet and the biggest come in at 1750 square feet.
Overall rent in South Park averages $3,100 per month, CoStar analyst Joshua Ohl told The Real Deal, and studios go for an average of $2,450.
Designed by Togawa Smith Martin architects and Mercedes Fernandez Interior Design, the $144 million development features amenities such as a yoga studio, private outdoor park, business center, communal kitchens, two dog runs and a full-service dog-wash station and a porte cochere.
The units themselves have floor-to-ceiling windows, quartz countertops and nine-foot ceilings. Some apartments have balconies. On the ground floor, there will be a 4,000-square-foot restaurant with outdoor seating.
“We very consciously created Wren to provide today’s Angelenos with what we call ‘thoughtful living,’” Mack Urban CEO Paul Keller said in a statement. “This approach takes comfort and functionality into consideration throughout the living and communal spaces – from balconies to lobbies, public and green spaces to parking, active spaces to more contemplative ones.
The project, a joint venture between Mack Urban, AECOM Capital and Capri Capital Partners, is the first phase of a larger six-acre community. The second phase, developed by Mack and AECOM, will be a 38-story tower with 536 units and 13,000 square feet of retail space, to rise at the corner of Grand Avenue and 12th Street.
South Park is Downtown’s most active neighborhood in terms of new supply. Supply is slated to nearly double in the neighborhood in the next few years. Current new construction equates to 70 percent of existing inventory, according to CoStar’s Q3 report on DTLA.
The concentration of activity in South Park can largely be attributed to the area’s public transit infrastructure and its entertainment options, Ohl said.
“But whether this neighborhood could keep up with the supply being poured into it remains to be seen,” he added.
First move-ins for the Wren are scheduled for February 2017.