Link to high-resolution photos by Jeremy Samuelson Photography: here
WREN Announces Leasing Success Upon Opening
South Park’s Largest New Community Already Nearly 20% Leased
WREN Grand Opening Includes Support for Nearby Metro Charter Elementary School Los Angeles, CA (May 25, 2017) — WREN, a seven-story luxury building with 362 residences in Downtown Los Angeles, is already nearly 20% leased upon its official Grand Opening today.
“We designed WREN to be avidly embraced by the community, and the pace of leasing has surpassed our expectations,” said Paul Keller, Founding Principal and CEO of Mack Urban. “This success vividly demonstrates that South Park is the place to be in DTLA.”
To help mark the official opening of WREN, the project ownership presented a $150,000 donation to the nearby Metro Charter Elementary School, an essential part of this quickly evolving neighborhood.
“We helped nurture the growth of this neighborhood, and are deliberately weaving WREN into the fabric of the community, including the families of Metro Charter Elementary School,” said Keller. “We welcome our new residents to WREN and proudly join Metro Charter in building the future of South Park.”
The stylish apartment building is bordered by Pico Boulevard, Olive and Hill Streets in the heart of DTLA’s growing South Park neighborhood. WREN’s floorplans, building design and amenities are crafted to meld with the community, offering the finest access to the best of Downtown’s culture, employment, restaurants, shopping, entertainment and transportation. More information on leasing is available at www.liveWREN.com . The leasing office is at 1230 S. Olive St.
WREN recently signed its restaurant tenant. First Draft Taproom & Kitchen – with over 70 craft beers, wines, and ciders on tap – will open in fall 2017. WREN is First Draft’s first location outside of its original Denver venue. First Draft will occupy 4,000 square feet at 1230 S. Olive St., and include an overlooking mezzanine on the ground floor of WREN. It will also make use of WREN’s ample patio space with outdoor seating areas and fire pits near the 5,000-square-foot, private, on-site park.
WREN’s 362 residences range from 487 to 1,750 square feet, averaging approximately 761 square feet. The $144 million development is an investment partnership of Mack Real Estate Group, Mack Urban, AECOM Capital and Capri Capital Partners. Project architecture is by Togawa Smith Martin, with interior design by Mercedes Fernandez Interior Design and construction managed by AECOM Tishman.
WREN’s premier community amenities include:
- Pool deck with spa, cabana, lounge areas & BBQs
- A large, fully-equipped gym with outdoor workout area
- Yoga studio
- Indoor/outdoor lounges with two communal kitchens
- Two large roof decks with DTLA views, fireplaces, BBQs, and lounge areas
- Two grand lobbies with concierge and coffee service
- Mailroom with ample storage for deliveries
- Two dog runs and a full-service dog-wash station
- Private, secured bike parking and bike maintenance room
- Large business center with co-working space
- Large, private porte cochere for convenient and secure entry
- Private outdoor green space connected to First Draft Taproom & Kitchen
- Just 3 short blocks to the Pico Metro Station
- Automated package delivery system
- Dry cleaning service
- Two large loading docks with convenient elevator service
Residence interiors include:
- Wide plank flooring
- Floor-to-ceiling windows
- Two-tone contemporary cabinetry
- Stainless-steel appliances
- Fully tiled bathrooms
- Electronic locks
- Balconies on many units
- Over 9-foot ceilings
- Quartz counters
Residence floorplans include studios, one-, two- and three-bedroom apartments. WREN also offers 22 two-story townhomes fronting Hill and Olive Streets.
“We are proud to partner with Mack Urban and Capri Capital Partners, working with our AECOM Tishman construction team, to realize the vision for WREN, providing Angelenos with a true urban experience in how they live and work with comfort and functionality,” said AECOM Capital Chief Executive John T. Livingston. “Urban development near transit and retail in walkable areas is what will define communities in Los Angeles in the future, and it’s what will make this project a success.”
Two levels of subterranean parking will accommodate 424 cars and offer 19 electric vehicle charging stations. The large storage bicycle room and maintenance area houses up to 398 bikes, making it one of the largest private bike facilities in Los Angeles.
“Thoughtful Living at WREN extends to how it interfaces with its South Park location,” said Dori Nolan of Capri Capital Partners. “Residences are walkably close to public transportation such as the Blue Line/Expo light rail, as well as some of the most desirable shopping and entertainment in all of Los Angeles – from L.A. Live to Whole Foods to the creative restaurants, stores and nightclubs continually enlivening Downtown. At the same time, WREN is far enough away from the Central Business District to enjoy a comfortable neighborhood feel. WREN defines the vibrant yet relaxed new vibe of South Park.”
WREN is the first phase of a transformative, six-acre, community in South Park being developed by Mack Urban and AECOM Capital. The second phase includes a 38-story skyscraper at Grand Avenue and 12th Street with 536 rental residences. This luxury tower will feature 13,000 square feet of retail space and a 10,000-square-foot park. Three additional buildings will complete the South Park project.
About Mack Urban
Mack Urban LLC is a premier West Coast real estate investment and development firm that owns, builds and manages environmentally sensitive, urban infill projects designed to preserve neighborhood character and strengthen communities. The firm focuses on long-term holdings, with investments in diverse asset classes including transit-oriented development, high-rise residential, mixed-use multifamily, adaptive reuse, and student and senior housing. Mack Urban is a subsidiary of Mack Real Estate Group, which has over 5,000 rental units in various stages of development and operation with a total cost in excess of $2.5 billion.
About AECOM Capital
AECOM Capital, a subsidiary of AECOM, is an investor and developer of infrastructure, renewable energy, and real estate projects across North America. With significant experience in public-private partnerships designed to assume risk from tax-payers, including independent power projects and real estate developments, AECOM Capital targets high quality risk adjusted investments across North America and select international markets. AECOM has vast resources across all engineering, design and construction services that AECOM Capital leverages for deal flow, due diligence, execution and project delivery. Since its formation in 2013, AECOM Capital has invested in 17 projects, with a total development value in excess of $4.5 billion.
About Capri Capital Partners
Capri Capital Partners is an affiliate of Capri Investment Group, a group of affiliated SEC-registered companies involved in real estate investment management. Through Capri Capital Partners, LLC, it has acquired or originated over $10 billion in commercial real estate investments since its founding in 1992. Capri offers a broad spectrum of real estate equity and debt solutions to its clients through separate account, commingled fund and joint venture formats. Over its 23-year history, Capri has demonstrated experience investing in multifamily residential and commercial investments. Diversified assets managed on behalf of its pension fund and other institutional investors totaled approximately $3.4 billion as of December 31, 2016. Capri is headquartered in Chicago, with additional offices in Los Angeles and New York. For more information, visit the company’s website at www.capri.global.