{"id":1004103404,"date":"2014-09-08T05:49:05","date_gmt":"2014-09-08T13:49:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004103404"},"modified":"2022-12-08T19:40:26","modified_gmt":"2022-12-09T03:40:26","slug":"asb-real-estate-purchases-la-residential-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/asb-real-estate-purchases-la-residential-tower\/","title":{"rendered":"ASB Real Estate Purchases LA Residential Tower"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Watermarke-Tower.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004103408\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/asb-real-estate-purchases-la-residential-tower\/watermarke-tower\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Watermarke-Tower.jpg\" data-orig-size=\"500,750\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;11&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1398332602&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;45&quot;,&quot;iso&quot;:&quot;200&quot;,&quot;shutter_speed&quot;:&quot;0.004&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Watermarke Tower\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Watermarke-Tower.jpg?w=500\" class=\"alignright size-medium wp-image-1004103408\" alt=\"Watermarke Tower\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Watermarke-Tower.jpg\" width=\"200\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Watermarke-Tower.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Watermarke-Tower.jpg?resize=200,300 200w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/a>By Keith Loria, Contributing Editor<\/p>\n<p>ASB Real Estate Investments has acquired Watermarke Tower, a 35-story trophy residential property in the South Park neighborhood of downtown Los Angeles, for $160.5 million.<\/p>\n<p>The purchase was made on behalf of ASB\u2019s Allegiance Real Estate Fund, a $3.5 billion core investment vehicle. The building was 97 percent occupied at the time of purchase.<\/p>\n<p>\u201cWe own about $500 million of real estate in the Los Angeles area, mostly office and retail. We own a lot of residential in other parts of the country, and we have been looking hard at the residential market in L.A. for quite some time,\u201d Robert Bellinger, ASB Real Estate Investments\u2019 president &amp; CEO, told <i>Commercial Property Executive<\/i>. \u201cWe are really excited about the downtown L.A. story\u2014particularly the market for this building and the arts district\u2014and we feel strongly that it\u2019s an exciting place to live, work and have fun.\u201d<\/p>\n<p>Located at 705 W. Ninth St., the 214-unit luxury high-rise was originally constructed in 2010 and is recognized as one of downtown\u2019s premier rental apartment buildings. It boasts superior amenities and finishes, including a state-of-the-art fitness center, cardio room, catering kitchen, private dining room, wine cellar, private conference rooms, heated swimming pool and spa, billiards lounge, media room, dog park, Zen garden and parking for more than 350 vehicles.<\/p>\n<p>\u201cIt is the only place in Southern California where you can have a legitimate urban experience, both in sophistication and the character you get from these historic buildings and new buildings,\u201d Bellinger said. \u201cIt\u2019s a vibrancy you don\u2019t get anywhere else in L.A.\u201d<\/p>\n<p>The building offers commanding views of the Los Angeles skyline and the Hollywood Hills and is located within walking distance of prime downtown attractions, including numerous restaurants, LA Live and the CityTarget-anchored retail center FIG@7th.<\/p>\n<p>A recent study by the Downtown Center BID shows downtown\u2019s population has nearly tripled to more than 52,000 residents since the turn of the 21<sup>st<\/sup>\u00a0century, and the current median age of residents is 34 years old, with a median income of $98,700.<\/p>\n<p>According to Bellinger, the company is very focused on urban markets and has staked out 13 such locations across the country where it is investing, with L.A. being one of its top markets.<\/p>\n<p>\u201cOver the past five years, every year has gotten better and the momentum is strong,\u201d Bellinger said. \u201cYou look at the retailers coming there\u2014you have the Whole Foods that will be opening up and a number of restaurants\u2014so you know there are some real strong things going on that are driving demand.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ASB Real Estate Investments has acquired Watermarke Tower, a 35-story trophy residential property in the South Park neighborhood of downtown Los Angeles, for $160.5 million.<\/p>\n","protected":false},"author":451,"featured_media":1004103410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742,15],"tags":[],"class_list":["post-1004103404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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