Holland Partner Group sells pair of Fashion District towers for $403M

The buyer was Daydream Apartments, based in Denver

Jul.July 18, 2019 12:00 PM
Grace on Spring, Griffin on Spring, and Holland Partner Group CEO Clyde Holland
Grace on Spring, Griffin on Spring, and Holland Partner Group CEO Clyde Holland

UPDATED, July 19, 11:00 a.m.: Holland Partner Group has sold a pair of multifamily towers in Downtown Los Angeles’ Fashion District neighborhood for a combined $403 million, The Real Deal has learned.

The buyer of the properties, known as the Griffin on Spring and the Grace on Spring, was Denver-based Daydream Apartments. The owner-operator also facilitates homesharing for residents, allowing them to their units when they are away.

Property records reveal Daydream bought the properties through Iconiq Capital, a San Francisco-based venture capital firm. The Grace sold for $203.5 million, and the Griffin sold for $199.6 million.

Both towers, designed by MVE+Partners, span 24 stories each. Combined, they hold 575 units and 12,500 square feet of retail space. Amenities include a gym, rooftop area, yoga studio and swimming pool.

Holland built both buildings, which opened less than a year ago. In a release, Daydream said Holland will continue to manage the buildings for the time being.

Daydream, founded last year, has been on an expansion tear. The firm recently paid Holland $304 million to acquire another multifamily tower in Denver, purchased with a $200 million loan from Deutsche Bank. Last month, Daydream also picked up two other buildings in Seattle.

Related Articles

CGI’s Gidi Cohen and the Fedora Street project

CGI scores $48M in construction financing for Koreatown multifamily project

Hobart Garden Apartments at 1344 N Hobart Boulevard (Credit: Google Maps)

Reiner Communities pays $48M for 142-unit East Hollywood complex

Interest rate drops spur loan requests from multifamily borrowers (Credit: iStock)

Multifamily owners rush to refinance their mortgages

930 S. Park View Street (Credit: Google Maps)

Chateau Group files for 65-unit complex in developing Westlake

A map of Westlake (Credit: Google Maps and iStock)

Developers are digging into multifamily projects in Westlake

Ken Gladstein in front of 630 Masselin Avenue

Multifamily investor Sares-Regis bets big on Miracle Mile

A multifamily building could replace this auto body shop (Credit: Google Maps)

Bastion plans 139-unit project on doorstep of booming Culver City

From left, clockwise: Daydream Apartments’ Griffin and Grace on Spring, Douglas Emmett’s The Glendon at Westwood and Carlyle Group’s Sofia Los Angeles

Here are LA’s 5 biggest multifamily sales of 2019