|By Marketwired .||
|August 15, 2013 07:04 PM EDT||
IRVINE, CA -- (Marketwired) -- 08/15/13 -- SARES-REGIS Group launched construction on a premium 240-unit mixed-use apartment development on 1.74 acres in Los Angeles' historic downtown community of Little Tokyo. The project will include more than 16,000 square feet of retail space and a public parking garage.
The development at South San Pedro and East 2nd streets is three blocks from Los Angeles City Hall and four blocks from the downtown Bunker Hill financial district.
"With the growth and expansion of residential living, downtown L.A. continues its progress towards becoming a true 24-hour city. We expect most residents of our development will be young professionals who work downtown and want to walk to their jobs," said Bill Montgomery, president of SRG's Multifamily Acquisitions & Investments Division.
The apartment community will include townhomes, retail space and three levels of underground parking with more than 100 spaces set aside for public parking.
The development will include 51 studio, 112 one- and 77 two-bedroom apartments up to 1,220 sq. ft. Montgomery said first occupancies will occur in August 2015 with rents projected to average $2,400 a month.
Amenities at the new community will include a pool and spa, a two-level fitness facility, club, a rooftop deck and game and café lounges.
TCA Architects master planned the six-acre site and designed the SRG apartment community.
"SARES-REGIS Group's development is the last piece in a plan designed to bring life to the street level and knit the rich, ethnically diverse community together," said Thomas Cox, chief executive officer of TCA Architects. "Because of its architecture and key location, it is anticipated to be a highly successful project," he said.
The site had been planned for a high-rise tower community, but that became financially unfeasible during the downturn, Montgomery said.
"We reworked the concept plan and entitlements and obtained our building permits to move forward with construction," he said.
The community is a seven story, type III podium design that provides for greater contemporary styling in the exterior's architectural design while incorporating styling elements respecting the heritage of the community, Montgomery said.
SRG's financial partner in the development is the Pritzker Realty Group.
As a leading western United States real estate developer and manager, SARES-REGIS Group manages a portfolio of more than 15,000 apartments units for its partners and investor clients valued at more than $2.5 billion. Since its inception in 1993, SARES-REGIS Group has acquired or developed 20,000 homes and apartments valued at more than $3.4 billion throughout California, Colorado, and Arizona. SARES-REGIS Group is also California's leading privately held developer of LEED-certified apartments.
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