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THEA at Metropolis, a 685-unit,
ultra-luxury, high-rise multi-housing
community in Downtown Los Angeles.
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LOS ANGELES, Nov. 22, 2022 – JLL Capital
Markets announced today that it has arranged the acquisition financing for THEA at Metropolis, a 685-unit, ultra-luxury, high-rise multi-housing
community located in Downtown Los Angeles.
Financial details of the deal were not
disclosed.
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| Annie Rice |
The
transaction included an interest rate buy-down feature and flexible prepayment
terms. JLL was also involved in the sale of the property, which is the largest,
single-asset outright multi-housing sale in California history as well as the
largest, single-asset high-rise deal outside of New York.
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| Brandon Smith |
Originally built as condominiums, the property
features a comprehensive amenity package, including a rooftop deck with an
outdoor kitchen, theater and game rooms, a professional fitness center, a sky
lounge with an additional chef’s kitchen and a 1.5-acre podium deck that
includes a dog park, additional barbecue areas and a resort-inspired pool and
spa.
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| Peter Yorck |
THEA is part of the broader, 6.3-acre Metropolis
Los Angeles development, which consists of two condominium towers, THEA and
Hotel Indigo DTLA with approximately 67,399 total square feet of retail.
The property benefits from an exceptional
location within the downtown CBD and offers residents immediate access to the
largest employment hub on the West Coast.
Additionally, THEA is situated half a mile away from L.A. Live, the
5.6-million-square-foot sports and entertainment complex.
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| John Strauss |
“The loan for THEA is an
example of what we are broadly seeing across the debt market. Despite the
current market volatility, lenders are still providing competitive quotes on
quality real estate with top tier borrowers,” said Smith.
This acquisition of THEA is indicative of
broader market trends on the West Coast, including the competition between
private capital and traditional institutions/private equity on large assets,
the resurgence of Downtown Los Angeles after its market performance during COVID
and the return of investors to high-quality and well-located real estate in
gateway markets.
The resurgence in the Los
Angeles market is further demonstrated by the multi-housing sales volume in the
Los Angeles market, according to JLL Research, with $7.0 billion in sales YTD
for 2022 and $1.7 billion in sales in Q3 2022 alone.
Nick Lavin
JLL’s Capital Markets is a full-service global
provider of capital solutions for real estate investors and occupiers.
The
firm's in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment and sales advisory,
debt advisory, equity advisory or a recapitalization.
The firm has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos, and research resources on
JLL, please visit our newsroom.
Jones
Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed
with the California Department of Real Estate, license #01223413.
Contact:
Jenna Sharp
JLL Associate
Public Relations
Phone: +1 214 394 3356
Email: Jenna.Sharp@am.jll.com
