LOS ANGELES—Mack Urban's epic land buy from 2013 is turning out to be a great play. The developers is unveiling WREN Residences today, a luxury 362-unit low-rise apartment building in South Park, into a phenomenal market. Since the firm has begun development, the neighborhood has really exploded, bringing in loads of demand for the property.
“This is part of a large multi-phased investment that we are making in South Park,” Paul Keller, founding principal and CEO of Mac Urban, tells GlobeSt.com. Ultimately, I think it will be transformative for the neighborhood. It really takes advantage of a lot of the present attributes of South Park, like L.A. Live. That combined with the low-rise multifamily rental communities that are being introduced, South Park is the cleanest, safest in the entire CBD.”
Keller says that the firm is thrilled with the growth in the market, and is building the larger property to add vibrancy to the neighborhood. “We were able to make a number for upgrades of the community while it was under construction when we realized the speed at which the area was going through this transformation. We have the ability to build a tall building, which we didn't do,” he says. “The only regret that I have is that we didn't design a taller building. We are very please with the community in which we are delivering WREN. I hope that it is perceived and received as if not the highest quality of any CBD.”
While the firm only just launched leasing activity, there is already tremendous interest from the community. “We are very pleased with the leasing that we have achieved to date and with the reviews on Yelp, which we value very much,” adds Keller. The firm will hold the property for the long-term. “We are planning on holding on not only to the properties in Downtown L.A., but really across the whole portfolio.”
LOS ANGELES—Mack Urban's epic land buy from 2013 is turning out to be a great play. The developers is unveiling WREN Residences today, a luxury 362-unit low-rise apartment building in South Park, into a phenomenal market. Since the firm has begun development, the neighborhood has really exploded, bringing in loads of demand for the property.
“This is part of a large multi-phased investment that we are making in South Park,” Paul Keller, founding principal and CEO of Mac Urban, tells GlobeSt.com. Ultimately, I think it will be transformative for the neighborhood. It really takes advantage of a lot of the present attributes of South Park, like L.A. Live. That combined with the low-rise multifamily rental communities that are being introduced, South Park is the cleanest, safest in the entire CBD.”
Keller says that the firm is thrilled with the growth in the market, and is building the larger property to add vibrancy to the neighborhood. “We were able to make a number for upgrades of the community while it was under construction when we realized the speed at which the area was going through this transformation. We have the ability to build a tall building, which we didn't do,” he says. “The only regret that I have is that we didn't design a taller building. We are very please with the community in which we are delivering WREN. I hope that it is perceived and received as if not the highest quality of any CBD.”
While the firm only just launched leasing activity, there is already tremendous interest from the community. “We are very pleased with the leasing that we have achieved to date and with the reviews on Yelp, which we value very much,” adds Keller. The firm will hold the property for the long-term. “We are planning on holding on not only to the properties in Downtown L.A., but really across the whole portfolio.”
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