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LOS ANGELES-Developer G.H. Palmer has opened the first phase of the 297-unit Visconti Apartments and has handed the leasing and management assignment to Western National Property Management, which already manages a large portfolio for the developer. The project is at 1221 W. Third St. in Downtown, where Palmer has been one of the leading developers of multifamily projects.

With the Phase 1 units of the Visconti now leasing and available for occupancy, Palmer expects to open Phase 2 in November and to have Phase 3 ready in December. Craig Rooney, regional VP of business development for Irvine-based Western National Property Management, says that floor plans include studios of 468 sf, one-bedroom units of 719 sf and two-bedroom apartments of 979 sf, plus two luxury penthouses of nearly 2,000 sf each.

Rents will range from $1,600 to $2,300. The luxury development features a swimming pool, a spa, a business center a conference room, a recreation center with full bar and catering kitchen, a 24-hour doorman and a fitness center.

The Visconti becomes the 18th Palmer property under management by Western National Property Management, which is an entity of Irvine-based Western National Group. Western National manages approximately 28,000 multifamily units in the Western US and is the second-largest owner of multifamily housing in Orange County.

The Visconti assignment comes after Western National’s property management arm recently landed a contract to manage a 12-property portfolio of 5,473 apartment units for Palmer.

The Visconti assignment expands on an existing arrangement between Palmer and Western National that made Western National the sole manager for Palmer’s portfolio.

 

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