LOS ANGELES-The Wolff Co., a real estate private equity firm based in Phoenix, AZ, has acquired three acres in Downtown Los Angeles for $45 million. The land, located at 12th Street and Grand Avenue in downtown’s South Park district, was formerly owned by a partnership between Astani Enterprises and L&R Group, which purchased the site in November 2012 for $29 million, GlobeSt.com reported in an earlier story.
Astani and L&R planned to develop a $245-million mixed-use complex, called G12, at the site. Now, the Wolff Co. will co-develop the G12 property with Astani. “I am thrilled to have a chance to work with the buyer to develop the last open acreage in the South Park area of Downtown,” says Sonny Astani, the founder and chairman of the eponymous Beverly Hills-based real estate firm. “G12 will be an incredible live/work neighborhood that is also close to USC.”
Although ownership has shifted, the property will follow the original development plan: a 640-unit property with 40,000 square feet of retail space. One full acre of the property will be used for outdoor space, including two swimming pools, while interior amenities include two fitness centers, a screening room and a clubroom. The building also boasts more bicycle parking spaces than car parking spaces, the first Los Angeles building to do so. Construction of two-year project begins in January 2014.
Last week, GlobeSt.com reported an $80 million land acquisition also in the South Park district. The land deal is the largest in the South Park district since the 2008 recession. A partnership between Mack Urban and AECOM Capital purchased the land to develop class-A multifamily properties.