An Orange County development group has closed on its second high-rise residential tower site in downtown Los Angeles.
Realm Group LLC, a joint venture between Newport Beach-based Realm Real Estate LLC and Irvine-based Bascom Group LLC, said this month that it has closed on a 1.5-acre site just off the (110) Freeway, not far from Staples Center, with plans to develop a 36-story, 422-unit mixed-use building.
The price of the deal was undisclosed.
Bixel Tower will be the venture’s second high-rise development project in downtown Los Angeles.
Its first, The Fashion District Tower, is a 33-story, 452-unit building slated to break ground next year. The group closed on that 1.7-acre parcel last year for $24.3 million in a venture with Los Angeles-based Urban Offerings Inc.
The new project at 675 S. Bixel St. is still seeking city entitlements.
HFF’s capital team facilitated the land financing, while Starwood Property Trust provided debt financing for the land purchase.
Similar to the first tower, Bixel Tower will be a concrete, steel and glass building with a rooftop lounge, and a 40,000-square-foot amenity deck with a pool terrace and dog park, the developers said.
Darrin Olson from Realm Real Estate is heading the Newport Beach-based venture, which has several other Southern California assets in its portfolio, including office properties in Anaheim and Long Beach.
The company has been backed over the years by Bascom, which in addition to a large apartment portfolio also partners with a number of other real estate firms in the office, development, and shared space industries.
