LOS ANGELES—Wood Partners is bringing 8^th+Hope, its newly built 22-story, 290-unit multifamily property in the South Park neighborhood of Downtown Los Angeles, to market, GlobeSt.com reports exclusively. Officially opened on August 1 of this year after two years of construction, the luxury building is one of the first post-recession developments to come online in Downtown Los Angeles.

“This is an opportune time to market a class-A residential tower in Downtown Los Angeles, due to tremendous investor interest in the market from both domestic and international players,” Curtis Palmer, EVP at CBRE, tells GlobeSt.com. “8th+Hope is perfectly positioned next to the Bloc, near the 7th Street metro hub, and the 3 grocery stores in South Park including Ralphs Fresh Fare, the soon-to-be-delivered Whole Foods at 8th and Grand and the Trader Joe's coming to the Bloc. 8th+Hope is ideally situated in terms of location and product to captures the burgeoning demand for luxury high-rise rental product.”

Although the property only recently opened, it is already 25% occupied—which is no doubt generating much interest from potential buyers. According to Palmer, Wood Partners has already had 18 property tours in the last two weeks with an additional 18 scheduled for the remainder of September, and 120 investors have signed confidentiality agreements for the property. With so much interest, the developer expects to close the sale by the holiday season this year.

Wood Partners is looking at a diverse investor pool while seeking a buyer for this asset. “We are looking for investors who share our vision of Downtown Los Angeles and are interested in owning the premier residential community in the city, including REITs, pension fund advisors, life insurance companies, off-shore investors particularly from Asia who have recently created a splash in Los Angeles with the sale of Metropolis to Greenland, 9900 Wilshire to Wanda and the new Korean Air Tower at 7th and Figueroa,” says Palmer. “We have also received interest from condominium converters, both domestic and foreign, private equity funds and deep-pocketed private capital.”

Located on .7 acres at 801 Hope Street, the property is a landmark in the making. It has floor-to-ceiling glass balconies that offer expansive city views, or take in the city vista from the 4,500-square-foot rooftop deck. The clubroom, which boasts retractable glass walls, features one of the largest private film projection theatres in California and the lobby offers programming to residents, like the recent Bettina Hubby exhibit that opened in the space last week.