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LOS ANGELES COUNTY NEWS
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Trumark Urban Acquires Fully Entitled Downtown LA Res Development Site

6/17/14

Good news for downtown LA’s product-challenged residential sales market, as NoCal-based Trumark Urban has purchased a fully entitled development site at 1050 S. Grand Ave in the South Park neighborhood, where it will build a $100 mil condominium complex expected to contain 151 units over 24 floors. The property, located at the corner of West 11th St and South Grand Ave, will help fill the growing demand for affordable for-sale homes in the city’s urban core.

“This building is the right size and location for our entry into the market,” said Arden Hearing, managing director of Trumark Urban. “Many developers are building rental apartments, which has helped to bring retail services to the area, but the sub-market is dramatically lacking new condo inventory for those residents who prefer ownership. In that, we see opportunity.”

An offshoot of San Francisco Bay Area-based Trumark Companies, Trumark Urban recently expanded into Los Angeles and now has more than 1,200 residential units across 10 projects in process between Los Angeles and San Francisco, for a total investment exceeding $750 mil.

“We have been watching Los Angeles for years, and downtown specifically,” Hearing said. “We see a unique confluence of events that results in a burgeoning urban scene ready-mixed with jobs and amenities.”

The South Park site was entitled in 2007 and has been sitting on the shelf since the financial crisis. Trumark Urban will spend the rest of this year on design and entitlements and plans to break ground on the condos in January 2015. The condos will be offered to the market in early 2016 with closings later that year.

With this project, Trumark Urban is refreshing the design, amenity offerings and unit mix for a new generation of buyer. The condos will have a sophisticated, contemporary design, and amenities will include a sky-pool lounge area with outdoor fire pits and barbecues, pet-washing stations, a movie theater, and community and business areas.

“We are excited to offer this project in such a special location to a market that is really underserved in terms of new condo inventory,” said Kevin Bixler, site acquisition manager for Trumark Urban. “We are looking aggressively for additional A+ sites in various, targeted, locations around Los Angeles.”

Trumark Urban is under contract to purchase a second downtown Los Angeles development site, also slated for condo development. Construction is anticipated in the 3rd quarter of 2014.




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