Mack Urban's Pricey Land Buy Pays Off

Wren Residences is a 362-unit tower.

LOS ANGELES—Mack Urban and AECOM Capital have delivered the Wren Residences, the first phase of the six-acre development in South Park. The Wren Residences is described by the developer as workforce housing, rather than a luxury development. Located at it Pico Boulevard, Olive and Hill Streets, has 362 for-lease units and is fully amenitized.

“The whole premise of this community was to provide a highly amenitized community that attracted a workforce customer that was in all probability already working in the CBD,” Paul Keller, CEO of Mack Urban, tells GlobeSt.com. “We tried to deliver a product that we did not consider to be luxury but that was very well thought out. This property isn’t luxury, but it is a high quality product with very good interior finishes.”

While the residences are targeting a local workforce demographic, they are market-rate units with quality details, like wide plank flooring, stainless steel appliances, quartz countertops and nine-foot ceilings. They hope to capture this demographic that is looking for quality but may be priced out of more expensive submarkets. “We try to look at things through a simple and succinct lens, and when you look at the cost of living in the greater L.A. metro, DTLA offers an affordable alternative to a lot of submarkets, not just within the boundaries within in the City of Los Angeles but also in markets like Santa Monica and Beverly Hills,” adds Keller. “The homes that are being offered in DTLA are more affordable than a lot of other options.”