Largest Single-Asset Residential Sale In Downtown Los Angeles
1 Mar, 2006, Los Angeles, CA
Cushman & Wakefield Negotiates Sale of LA's Newest Luxury Residential Development
Intracorp Southern California, through its affiliated company Savoy Associates, LLC, has acquired Savoy, a recently-completed luxury residential development formerly known as "Alexan Savoy" in Downtown Los Angeles, from Trammell Crow Residential. Marc Renard, Marisa Bradanini and Manfred Schaub of Cushman & Wakefield exclusively represented the seller, and brokered the transaction valued at well over $100 million.
"This is the most profitable single asset sale in Trammell Crow Residential's history, and is a testament to the strength of the resurgence of the Downtown Los Angeles market," according to Kevin Andrade, senior managing director, Trammell Crow Residential.
Completed in January 2006, Savoy is one of the newest luxury multifamily communities in Southern California. The property is located at the intersection of 1st and Alameda streets in Downtown Los Angeles. It features 303 for-sale condominium quality units, elaborately landscaped courtyards with Japanese theme, a sky-deck, a resort-style swimming pool and spa, subterranean parking and a host of other state-of-the-art amenities.
Taking up a full city block in Downtown Los Angeles, the community is located at the confluence of three popular urban districts: Civic Center, Artists District and Little Tokyo.
"The unprecedented revitalization of Downtown Los Angeles is transforming the landscape of the city and is clearly demonstrating the tremendous demand for residential housing in this market," says Mr. Renard, an executive director at Cushman & Wakefield's Los Angeles Downtown office.
Intracorp Southern California opened an onsite sales gallery in mid-December of 2005, and has sold over 200 units in just two months. Peter Lauener, president of Newport Beach-based Intracorp, notes Savoy is the company's initial foray into Downtown Los Angeles. "We acquired this unique property to complement our expanding development program throughout Southern California, and to be the first step in our ongoing participation in the Southland's highly dynamic and largest urban market place."
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.