One Of The Nation's Biggest Apartment Projects Of 2023 Is Brookfield's DTLA Apartment Tower
Of the five largest apartment projects scheduled to be complete across the nation next year, No. 5 is Brookfield Properties' 64-story apartment tower in Downtown LA.
According to commercial real estate data company RealPage, the 785-unit apartment tower, called Beaudry, will be complete in June 2023.
Apartment fundamentals in Downtown have held steady, with third-quarter 2022 occupancy at 93.6%, unchanged from the same time the year before. Rents are up, with the average effective rent hitting about $2.8K, a 4.7% increase over Q3 2021, according to a report from the Downtown Center Business Improvement District, a business and property owner group.
The high-rise at Seventh Street next to the 110 Freeway is surrounded by other Brookfield properties: the FIGat7th shopping center and office towers 777 Figueroa and EY Center.
Brookfield, the largest DTLA office landlord, made news earlier this year by offering free apartment rent for a month for employees of companies leasing office space from them. The goal of the program was to boost occupancy at its office properties. Companies were eligible for the program if they leased or signed a minimum three-year renewal at 777 Figueroa, Bank of America Plaza, California Market Center, EY Plaza, Figueroa at Wilshire, The Gas Company Tower or Wells Fargo Center.
Brookfield is looking to add apartments to the Bank of America Plaza as well, Urbanize LA previously reported.
In September, Brookfield put Figueroa at Wilshire up for sale for an undisclosed amount. At the time, it was 19% vacant.