Holland Partner’s Sofia Los Angeles property hits the market

The 606-unit City West complex is 80 percent leased

Holland Partner Group CEO Clyde Holland and Sofia Los Angeles
Holland Partner Group CEO Clyde Holland and Sofia Los Angeles

Holland Partner Group’s 606-unit Sofia Los Angeles mixed-use project is up for grabs.

The Vancouver-based firm completed the complex at 1106 W. 6th Street last summer in partnership with America Sekisui House. It’s valued at $330 million, or $545,000 per unit, according to Real Estate Alert.

The project is about 80 percent leased and adding around 40 leases per month. Sofia is composed of two seven-story buildings with residential units and 28,000 square feet of ground-floor retail space currently occupied by Grocery Outlet, Starbucks, and Chipotle.  It opened last August.

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Holland Partner is currently planning a 271-unit in Downtown Long Beach and recently redeveloped an eight-story residential building next to the Sofia at 1126 W. 6th Street, dubbed the Mint.

While leases are rolling in at a steady pace, rent growth is expected to slow Downtown as 17,000 units are expected to hit the market this year, according to Marcus & Millichap.
That delivery is part of a wider development push Downtown that’s seen dozens of mixed-use projects crop up there. Activity has been strong in the area around Sofia Los Angeles, commonly referred to as City West.

Nearby projects include Jamison’s planned 570-unit project  at the L.A. World Trade Center, and Brookfield Properties’ planned 781-unit tower near its Figat7th retail complex. [Real Estate Alert] – Dennis Lynch