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11/23/22
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In a recent multifamily asset trade, Northland purchased THEA at Metropolis, a 685-unit, ultra-luxury, high-rise multi-housing community located in Downtown Los Angeles, for $504 mil. The 59-story res high-rise was sold by a U.S. subsidiary of China’s Greenland Holding Group.
We’re told the sale is the largest, single-asset outright multi-housing sale in California history as well as the largest, single-asset high-rise deal outside of New York.
Built in 2020, THEA offers studio, one-, two-, three- and four-bedroom units with an average size of 1.1k sf. Originally built as condominiums, the property features a comprehensive amenity package, including a rooftop deck with an outdoor kitchen, theater and game rooms, a professional fitness center, a sky lounge with an additional chef’s kitchen and a 1.5-acre podium deck that includes a dog park, additional barbecue areas and a resort-inspired pool and spa.
THEA is part of the broader, 6.3-acre Metropolis Los Angeles development, which consists of two condominium towers, THEA and Hotel Indigo DTLA with approximately 67.4k sf of retail. The property benefits from an exceptional location within the downtown CBD and offers residents immediate access to the largest employment hub on the West Coast. Additionally, THEA is situated half a mile away from L.A. Live, the 5.6 msf sports and entertainment complex.
The buyer obtained a 55% loan-to-value, fixed-rate agency acquisition loan arranged by Brandon Smith and Annie Rice with JLL Capital Markets. The transaction included an interest rate buy-down feature and flexible prepayment terms. Peter Yorck, John Strauss and Nick Lavin, also with JLL Capital Markets, were involved in brokering the sale.
“The loan for THEA is an example of what we are broadly seeing across the debt market. Despite the current market volatility, lenders are still providing competitive quotes on quality real estate with top tier borrowers,” said Smith.
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