LOS ANGELES, June 12, 2019 /PRNewswire/ -- Realm Group, LLC a joint venture between Realm Real Estate, LLC of Newport Beach, California and The Bascom Group, LLC of Irvine, California, has closed on a 1.5-acre site located in Downtown Los Angeles at 675 South Bixel Street. Realm Group entitled the site for the development of a 36-story, 422-unit mixed-use high-rise multifamily building, to be built as one of the premier residential towers in Downtown Los Angeles. HFF's capital team, led by Charles Halladay, Jamie Kline, Nicholas Lench and Samuel Godfrey facilitated the land financing. Starwood Property Trust provided the debt financing for the land purchase.
The international modern, concrete, steel and glass tower has a loft style design and will feature a rooftop sky lounge providing striking views of the city's skyline along with an expansive 40,000 sq. ft. amenity deck on the 5th floor with an inviting pool terrace, market leading amenities including a spacious dog park, making it one of the largest amenity decks in Downtown Los Angeles.
The project is located within walking distance to a robust variety of employment, transportation, retail, restaurant/bar and grocery options. Grocery Outlet, Whole Foods, Target, Teragram Ballroom and Starbucks are a few of the notable nearby retailers. The well-located project boasts a Transit Score of 100 and a Walk Score of 95.
Darrin Olson, principal of Realm Group, commented, "Bixel Tower represents an important component to Downtown Los Angeles' ongoing successful revitalization as the city is facing a severe housing shortage. The development will be a premier asset in Downtown Los Angeles with best in class amenities. The quality conveyed in Bixel Tower will appeal to a broad spectrum of renters." Todd Cadwell, Development Manager of Realm Group, adds, "We are excited to successfully obtain the city entitlements, close on the site and begin the next phase of development."
Bixel Tower represents Realm Group's second high-rise development project in Downtown Los Angeles. Realm's original high-rise development project is located in the Fashion District and is designated as an Opportunity Zone. The Fashion District Tower will consist of a 33-story, 452-unit mixed-use multifamily community. Realm Group entitled the project and subsequently closed on the land in July 2018 with plans to commence construction in 2020.
About Realm Group: Realm Group is a joint venture between Realm Real Estate and The Bascom Group. The partnership acquires, entitles and develops residential and commercial properties throughout Southern California. Realm Group currently has multifamily projects in various stages of development in both urban and suburban markets, including two other multifamily family developments located in Opportunity Zones.
About Bascom Group: Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $15.5 billion in multifamily and commercial value-added transactions including more than 321 multifamily properties containing over 83,986 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Venture Partners, Bascom Milestone Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite / coworking company in the U.S. For additional information, please visit www.bascomgroup.com.
SOURCE The Bascom Group