Plans Construction of 36-story, 422-unit mixed-use high-rise multifamily building
Photo Courtesy of The Bascom Group
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-unitmixed-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 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
For additional information, please visit www.bascomgroup.com.