Centurion Real Estate Partners fancies itself the turnaround specialist of the condominium world.
In Los Angeles it’s looking to turn a page and jumpstart sales for its Mandarin Oriental Residences in Beverly Hills and The Harland in West Hollywood.
“We’re kind of regarded as the fixer for institutionally held condominium projects that might have some challenges,” said Centurion’s managing partner, John Tashjian.
The firm tapped Compass Development Marketing to handle sales at both properties.
Los Angeles’ appetite for high-rise living appears to be changing, experts and market data indicate.
“We’re seeing the market respond to vertical living and we’re hopeful to be part of that growth in L.A.,” Tashjian said. “I think that certainly Centurion as the turnaround expert is going to expand its footprint here. We’re bullish on vertical living and we think it’s in its infancy.”
The number of condo sales in the first quarter jumped nearly 20 percent from a year earlier to 470 deals in the greater Los Angeles area, according to a Douglas Elliman report prepared by Miller Samuel Real Estate Appraisers & Consultants. The average sale price rose 25 percent year-over-year to $1.6 million.
To be clear, the strategies for each property are unique with The Harland and Mandarin catering to different demographics.
“It’s uncommon but from time to time, we see people look at both [properties], but we view them as complementary product and not competitive product,” Tashjian said.
Turnarounds and getting real on price
The 37-unit Harland at 720 North Doheny Drive in West Hollywood was developed as for-sale condos. It was later converted to rentals as it struggled during the pandemic. Now, Centurion, which declined to disclose the purchase prices for The Harland and Mandarin, has converted it back to for-sale units.
The residences range from 1,500 to more than 3,100 square feet, with a soft sales launch planned for mid-August. Pricing starts at $1.7 million for the one- and two-bedroom units and $2.9 million for the three bedrooms. Some of the townhomes and penthouses include rooftop terraces with kitchens and views of the Hollywood Hills, Downtown L.A. and Century City.
Tashjian sees The Harland serving as a primary residence for what will likely be a younger buyer base.
Pricing was brought down to what Centurion sees as realistic.
“A lot of developers will look at the best comp they can find and convince themselves that’s appropriate,” Tashjian said.
Meanwhile, the Mandarin Oriental Residences at 9200 Wilshire Boulevard in Beverly Hills comes with the services and amenities synonymous with a luxury hotel brand. It’s priced as such and is likely to attract buyers looking for their second, third or fourth property to use when they visit L.A.
The Mandarin property’s reintroduction to the market takes on a different storyline.
An investor group led by Michael Shvo defaulted on a $200 million loan tied to 44 units at the Mandarin, prompting a bulk sale in September 2024. Centurion announced its purchase of the units in February.
“We’re still very much leading with service as a sales tool and we’re also leading with pricing at this point,” Compass Development Marketing Group’s Morgan Ball said of the strategy.
The units relaunch with about a 20 percent reduction from the original pricing to range from $2.6 million for a one-bedroom to $7.3 million for a three-bedroom. So far, a two-bedroom has been sold for $4.8 million.
Resident amenities include valet parking, concierge services, library, lounge, meeting space and a rooftop deck with a pool and spa.
“In light of the increasing number of luxury condominium deals in the market,” Ball said, “we see a very strong and bright future for these units at the Mandarin Oriental.”
Taking that into account, Tashjian hinted at yet another condo property Centurion will be announcing soon.
“We like the market,” he said. “We like the dynamics in L.A. and we know that there’s increased demand coming.”
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