Daydream Apartments has purchased two downtown multifamily residential buildings — the Grace on Spring and the Griffin on Spring — from Holland Partner Group for $406 million, records show.
Daydream purchased the properties through Iconiq Capital. Daydream declined to comment on plans for the buildings but lists both as “Future Daydream Locations” coming in 2020 on its website. The Denver-based firm was founded in 2018.
Iconiq Capital and Holland Partner Group did not immediately return requests for comment.
The Real Deal first reported the news.
The Griffin on Spring, at 755 S. Spring St., has 275 units. The Grace on Spring, at 732 S. Spring St., has 300 units. The towers were designed by MVE and Partners Inc. Both buildings opened less than a year ago.
By the end of the first quarter of 2019, there were 27,607 market rate units in downtown, according to the Downtown Center Business Improvement District. The occupancy rate was $84.7% and the average asking rate was $3.17 per square foot. At the end of the first quarter, there were nearly 3,000 units under construction.
Commercial real estate reporter Hannah Madans can be reached at email@example.com. Follow her on Twitter @HannahMadans
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Westlake Building Sells for $273 Million
- Mad About Multifamily
- Westlake Apartment Complex Sells for $48 Million
- US Bank Tower for Sale, Could Fetch $700M
- Slate Property Group Picks Up Two Hollywood Apartments for $39M
- Starwood Capital, Holland Partner Group Plan Opportunity Zone Development
- Douglas Emmett Buys Westwood Apartment Building for $365M
- Koreatown Building Sells for $189 Million