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

The buyer was Daydream Apartments, based in Denver
By Natalie Hoberman |
Research by Haru Coryne
July 18, 2019 12:00PM

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.