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Two Apartment Buildings in Downtown Sell for $406 Million

July 19, 2019

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755_S._Spring_ST_760 — 755 S. Spring St.

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 hmadans@labusinessjournal.com. Follow her on Twitter @HannahMadans

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Hannah (Madans) Welk is the editor-in-chief at the Los Angeles Business Journal and Inside The Valley (formerly the San Fernando Valley Business Journal). She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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