LOS ANGELES—ASB Real Estate Investments has purchased the Watermarke Tower in the South Park neighborhood of Downtown Los Angeles for $160.5 million from Watermarke Properties Inc. The property was purchased through ASB's $3.5 billion investment vehicle, Allegiance Real Estate Fund.

Located at 705 W. 9th Street, the class-A, luxury property has 214 apartment units and 9,000 square feet of retail space. It is currently 97% occupied, and offers residents a wide range of amenities, including staples like a fitness center, swimming pool and dog park, as well as high-end features, like a wine cellar, private dining space, conference rooms and a billiards lounge. The property is convenient to public transit, three-blocks to the EXPO Red Line, and has onsite parking for 350 vehicles. 

ASB purchased the property to take advantage of downtown's resurging market and ongoing renaissance. The property sits in the heart of the city, mere blocks from shopping hub FIG@7th and walking distance from one of the highest grossing Ralph's grocery stores. According to Robert Bellinger, ASB president and CEO, the downtown market has become a “prime residential location,” that will only become more vibrant as new projects come online.

However, ASB isn't only interested in multifamily properties or the South Park neighborhood. In June of this year, ASB purchased a block of warehouses in the arts district with plans to develop retail space there, a total investment of $62 million. The space was also purchased through the firm's investment fund.