LOS ANGELES, June 16, 2016 /PRNewswire/ -- Trumark Urban revealed today that more than one third of the residences at TEN50 have been swept off the market in less than two months since sales opened to the public. Responding to quick absorption and a burgeoning interest list for the luxury 25-story high-rise under development in downtown Los Angeles' South Park neighborhood, the team is now selling the second phase of new condos ahead of schedule. The exquisite new homes will offer owners an unparalleled caliber of amenities, compounded by a level of livability and convenience at the epicenter of what GQ boldly called "America's Next Great City."
"Since officially opening our doors in April, we've seen unprecedented interest and incredible traction on our for-sale residences. Clearly, the opportunity to purchase real estate in DTLA has become more and more attractive as rents continue to rise," remarked Arden Hearing, Managing Director for Trumark Urban. "While the pent-up demand for luxury housing is certainly here, it's categorically the lifestyle that TEN50 offers along with DTLA's perfect balance between being an emerging neighborhood and an established city center that has appealed to residents from all walks of life – from experienced professionals to first-time buyers."
A recent report released by Polaris Pacific, the leading West Coast sales and marketing company charged with sales efforts for TEN50, sites that condo inventory in Los Angeles remains historically low, with only 3.8 months of supply available in the market today, shy of the six month benchmark for a balanced housing market.
The investment in DTLA's renaissance is not one Trumark Urban has taken alone – news from significant retailers including Whole Foods Market, which recently opened just three blocks from TEN50, on the corner of 8th Street and S. Grand Ave, and Apple's purchase of the historic Tower Theatre for a new flagship store has cemented the community at the core of development in Southern California. North of TEN50, The Broad Museum has spurred a new wave of artistic ingenuity and welcomes thousands of visitors each week. Once recognized as purely a concentration of careers in finance and fashion, nearly half a million people work every day in downtown Los Angeles.
"Working and living in downtown Los Angeles, I can't wait to move into TEN50, and truly have a place of my own to call home, right around the block from my own business," said Eva Shen, a first-time home buyer and owner of local coffee emporium, Impresso Cafe. "The building is at the center of exactly where I want to be– surrounded by hip hotels, new restaurants and just a few blocks from LA Live and the Staples Center."
The TEN50 Sales Gallery, located at 1057 S. Olive Street, is open to the public to explore floor plans, views, amenities, and square footage to customize their experience, as well as vignettes of the kitchens and bathroom. Visitors are welcome Monday to Friday from 11 AM to 7 PM and Saturday to Sunday from 11 AM to 6 PM; there is ample street parking in the surrounding area.
"The reception we've had from future residents of TEN50 has been incredibly positive. At the end of the day, we pride ourselves on delivering a residential experience that not only meets expectations, but unequivocally sets a new tone for living in Downtown Los Angeles," said Mark Higgins, Senior Vice President of Sales and Marketing at Trumark Urban. "It's no secret that the area is seeing a surge in development, but with only 151 residences, the atmosphere at TEN50 will be that akin to a boutique hotel, immersing our homeowners in the vibrant scene that they'll ultimately have a large part in creating."
Slated for completion in late 2016, TEN50's exterior is nearly complete and work on the interiors is well underway. TEN50 will feature an approximately 13,000-square-foot indoor/outdoor amenity deck, including "The Fifty", a private residential lounge that flows seamlessly from the resort-style pool to the therapeutic yoga garden with sweeping city views, as well as the country's first air-delivery-ready drone landing pad.
About Trumark Urban
Trumark Urban develops high-density condominiums and commercial projects in global gateway markets with a focus on core urban neighborhoods close to jobs, transit and local businesses. With offices in San Francisco and Los Angeles, the firm has a portfolio of over 1+ thousand condominiums and 1+ million square feet representing over $1+ billion investment commitment. www.trumarkurban.com
The Trumark Group of Companies is a diversified real estate developer and builder with expertise in land acquisition, homebuilding, community design, entitlements and office, R&D and retail development. Trumark has raised more than $460 million of equity and funded 25 projects since the depth of the recession in 2009. www.trumarkco.com
Trumark Homes is a new generation homebuilder that is nimble, focused and unburdened by broken projects of the past. Its pipeline exceeds 2,000 lots in core in-fill areas of California, representing more than $2.8 billion in future revenue. www.trumarkhomes.com, TruBlu Blog, Facebook, Twitter, LinkedIn
Trumark Communities is a residential land development platform focused on acquiring, developing and selling improved lots in master planned communities. Its current pipeline includes three master planned communities with a combined 2,100 lots that represent total projected revenue in excess of $500 million. www.trumarkcommunities.com.
Trumark Commercial, which builds, leases and sells commercial buildings, has entitled or developed approximately two million square feet of office, R&D, retail and hotel properties in the northern portion of the Golden State. www.trumarkco.com
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SOURCE Trumark Urban