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April 13, 2021
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Cityview to Move Forward with 296-Unit, Transit-Oriented Res Development Near USC

3/11/21

In development news out of Los Angeles, Cityview has obtained $81 mil in construction financing to develop Adams & Grand, a mid-rise, transit-oriented, multi-housing building within a Qualified Opportunity Zone just south of Downtown L.A.

Adams & Grand will offer 296 studio, one- and two-bedroom apartment units, including 25 affordable apartments set aside for low-income tenants. The property will comprise one seven-story building with ground-floor retail and 360 parking spaces for residents and commercial tenants.

The units will have high-end finishes such as quartz countertops, stainless steel appliances, vinyl flooring and in-unit washers and dryers. The best-in-class community amenities include a two-story clubroom, business center, two sky decks, yoga studio, fitness center, swimming pools, dog spa and bike storage. The building is designated as LEED Silver/CalGreen with energy efficient HVAC units, low flow plumbing fixtures and Nest thermostats.

Located at 2528 S. Grand Ave, Adams & Grand is near the University of Southern California, Downtown Los Angeles employment and entertainment hubs and regional medical centers. It is within walking distance to the Exposition Line Metro station stop and adjacent to the Figueroa Corridor, which has experienced investment from the Exposition Park improvements. The transit-oriented development has a Walk Score® of 92 and a Transit Score of 90, designating the location both a Walker’s and a Rider’s Paradise.

Paul Brindley, Anson Snyder, Chad Morgan and Lillian Roos with JLL Capital Markets arranged the financing through ACORE Capital, working with ACORE exec Anthony Marconi. Construction is planned to begin immediately with completion in mid-2023.




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