Waterton, a real estate investor and operator based in Chicago, has announced its acquisition of G12 – a mid-rise apartment community with 347 units located in Downtown Los Angeles. The property is situated at 1200 S. Grand Ave. in the South Park neighborhood and is conveniently close to the city’s financial district, top universities and medical campuses, as well as LA Live entertainment complex. This undisclosed purchase adds an additional 2,831 units to Waterton’s existing holdings in Los Angeles.
According to Jeremy Stern, Senior Vice President of Acquisitions at Waterton: “G12 is a valuable addition to our portfolio due to its prime location with limited competition for new developments. We see great potential for implementing our proven value-add strategy here.” With its walkable location near major employers and desirable amenities nearby,G12 presents an attractive option for potential tenants.
In line with their signature approach,Waterton plans on making cosmetic upgrades throughout the community’s amenity spaces while also providing residents with remote work options and storage space.Additionally,the exterior paint will be refreshed along with updates made to landscaping.The transaction was facilitated by Cushman & Wakefield.
