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.
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