In the latest roll-up of property, Jade closed Jan. 29 on the $5.2 million purchase of a two-property portfolio from Calport Resources, a Cheviot Hills investment firm. The deal included a 33-unit, 18,600-square-foot multifamily building at 2913 S. Flower and an adjacent 3,500-square-foot retail building, occupied by Flooring Solutions, at 2917 S. Flower.
A month earlier, a venture formed by Jade purchased a portfolio that included properties at 2902-04 and 2912 S. Figueroa along with an adjacent 9,645-square-foot lot for $15.6 million.
Together, the two deals give Jade control over an entire square block – with the exception of a lone parcel at 2901 S. Flower, a shuttered hotel owned by New Aster Enterprises Inc.
Downtown real estate sources said negotiations for that site are ongoing. Representatives of New Aster could not be reached for comment.
If Jade is in fact planning a mixed-use development, it will not be alone. USC broke ground in September on University Village, a 1.25-million-square-foot residential and retail center north of the campus. That project will contain a Trader Joe’s market and series of five-story residence halls that will be able to accommodate 2,700 students.
The ample housing in that complex, expected to be completed in 2017, might seem to make it hard for other developments to compete. But brokers familiar with the area said there is an endless need for student housing at USC, with 43,000 students in attendance.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Downtown Developer Buys Site of Popular USC Watering Hole
- Microsoft Gets With the Silicon Beach Program
- Regional Report
- Hackman Drums Up Buyer for Beats HQ Site
- Absorption, Give-Back Rates Balance Out in Slow Fourth Quarter
- Law Firm Makes a Case for Remaining Downtown
- Vacancy Rate Slips as Smaller Tenants, Investors Stay Active
- Investors Still Betting on Revival As Vacancies Narrow Modestly