Realm Group buys 1.5-acre site in Downtown Los Angeles

Realm Group buys 1.5-acre site in Downtown Los Angeles
Bixel Tower rendering Image:PRNewswire

A joint venture between Realm Real Estate and The Bascom Group, Realm Group has acquired a 1.5-acre site to build a 36-story, 422-unit mixed-use high-rise multifamily project in Downtown Los Angeles. This is the group’s second purchase in Downtown Los Angeles.

Located in Downtown Los Angeles at 675 South Bixel Street, Bixel tower will feature a rooftop sky lounge providing striking views of the city’s skyline along with an expansive 40,000 sq. ft. amenity deck on the 5th floor with an inviting pool terrace, market leading amenities including a spacious dog park, making it one of the largest amenity decks in Downtown Los Angeles.

The project is located within walking distance to a robust variety of employment, transportation, retail, restaurant/bar and grocery options.

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“Bixel Tower represents an important component to Downtown Los Angeles’ ongoing successful revitalization as the city is facing a severe housing shortage.  The development will be a premier asset in Downtown Los Angeles with best in class amenities. The quality conveyed in Bixel Tower will appeal to a broad spectrum of renters,” said Darrin Olson, principal of Realm Group. 

Bixel Tower represents Realm Group’s second high-rise development project in Downtown Los Angeles. Realm’s original high-rise development project is located in the Fashion District and is designated as an Opportunity Zone.

Starwood Property Trust provided the debt financing for the land purchase.

Source: PRNewswire