LOS ANGELES-Mack Urban and AECOM Capital have acquired six acres in Downtown Los Angeles' central business district for $80 million. The acquisition is the largest land deal by acreage in the downtown district since the start of the 2008 recession.

Mack Urban plans to develop the land with class-A multifamily properties. The purchase is part of an overall strategy executed by Mack Urban to build class-A multifamily properties in major markets throughout the West Coast. “Mack Urban and AECOM believe that these buildings will provide a special investment offering for institutional investors, who are looking for long-term class A multifamily ownership opportunities in select West Coast urban markets,” says Richard Mack, Mack Real Estate Group CEO. “We are pleased that AECOM shares our vision, and we hope that this will be the first of many partnerships."

The project is currently preparing for entitlement, and both companies expect to begin construction in late 2014. AC Martin Partners is designing the modern high-rise development with “ultra-sleek vertical towers” that will impact the Los Angeles skyline. Targeting tenants looking to take advantage of the urban environment, the interior units will feature city views and world-class amenities. "We are excited to play such an innovative role in the development of this area of South Park, and to create a unique downtown community environment," says John T. Livingston, AECOM Capital chief executive.