(To read more on the multifamily market, click here.)

LOS ANGELES-Intracorp Southern California’s Savoy Associates LLC affiliate has acquired a recently completed 303-unit condominium project. Formerly known as the Alexan Savoy in downtown L.A., it was purchased from Trammell Crow Residential for $100 million. The deal marks “the most profitable single asset sale in Trammell Crow Residential’s history,” according to Kevin Andrade senior managing director of Trammell Crow Residential.The project is bounded by First, Second, Alameda and Rose streets and occupies a full city block in Downtown L.A. It was developed under Trammell Crow’s “Alexan,” a brand name for the company’s properties in a number of markets.The four-and-a-half-story building occupies a site at the confluence of the Civic Center, the Artists District and Little Tokyo in an area where developers have been creating new housing developments at a brisk pace in recent years. After an initial period in which most project were conversions of outdated office buildings into modern lofts for rent, many of the developments now are brand new construction and a growing number are for-sale condos.Intracorp Southern California acquired the condo complex through an affiliate, Savoy Associates LLC in a transaction that was brokered by Marc Renard, Marisa Bradanini and Manfred Schaub of Cushman & Wakefield.Intracorp Southern California has sold more than 200 of the units since opening an on-site sales office in December, according to Peter Lauener, president of the company. The units average about 900 sf and are selling for $300,000 to more than $800,000.Designed by Santa Monica-based Van Tilburg, Banvard & Soderbergh, the complex includes units ranging from studios to floor plans of one to three bedrooms. Amenities include a private screening room, a fitness center, a resort-style swimming pool, a sky deck, business and conference centers and a library.

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