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.

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