Located in the Financial District at 810 S. Spring St., National City Tower was built in 1924 in the Beaux Arts style. In 2008, it was redeveloped and transformed into the residential and retail property it is today. Its 93 residential spaces include 12 studios, 61 one-bedroom units, 16 two-bedroom units, two, two-bedroom penthouses and two three-bedroom penthouses. Unit sizes range from approximately 617 square feet to the largest two-story, penthouse unit of approximately 1,884 square feet.

The announcement regarding the assignment notes that demand has increased in the Downtown Los Angeles multifamily market over the past couple of years, and the Downtown market is one of the priciest Los Angeles neighborhoods in which to rent. Monthly rates average $1,756, according to commercial real estate research firm REIS. Vacancy in Downtown apartments ended the year with 11.1% vacancy, compared to 11.6% vacancy in the third quarter 2010 and 12.1% in the second quarter of 2010.

Commenting on the Downtown statistics, Glenn said: “In a quickly growing residential neighborhood like Downtown with many residential projects recently completed, vacancy numbers are not always reliable because new products are consistently coming onto the market, temporarily boosting vacancy. This is all part of the renaissance of the area right now.”