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Watermarke Tower Fetches $160M

LOS ANGELES—ASB Real Estate Investments acquires the 35-story apartment building in the South Park neighborhood of Downtown L.A. through its $3.5 billion investment vehicle, Allegiance Real Estate Fund.

By Kelsi Maree Borland | Updated on September 05, 2014

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. 

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