Largest Residential Portfolio in Downtown LA History Closes Out
Yvonne Arias, owner and broker of The Property Lab, closes the 53rd and final property from significant offshore investor
By: The Property Lab
Just recently, Yvonne sold the last remaining condominium in this large scale 53 unit portfolio that saved these high end residences just after the mortgage crisis. Originally purchased by overseas group SEB West Coast, now West Coast LLC, these condos were mainly rentals and only until recent years were offered for sale. The combined sales for this massive portfolio was approximately $100 million.
"When I started working on The Ritz-Carlton Residences at LA Live project, I was a newer agent working with Westside Estate Agency in Beverly Hills. My broker at the time, whom I admire and am grateful for to this day, Stephen Shapiro, asked at an office meeting who would like to lease a condo in DTLA. No one raised their hand except me. That was the best business move I have ever made," said Yvonne.
The Ritz-Carlton Residences at LA Live is the only five star building in Downtown LA and has become very popular. According to Yvonne, it has been her most requested building for years, second to The W Hollywood Residences. She says people like it because it has a big brand behind it and is a much better value than what other similar products are asking for in West Hollywood, Century City and Beverly Hills.
When Yvonne began working on this project in 2012, she worked with a handful of other big brokerage firms to share work on the portfolio. In 2014, after she started her own brokerage The Property Lab, she single handedly secured exclusivity on the portfolio to helm leasing and property management. Years later she began to sell off the condos and in June of 2022, she ended her term with West Coast as she sold the last remaining condominium.
"The Ritz-Carlton Residences in Los Angeles is a very special project and it's very apparent with the strong demand for it. Even being in a less glitzy part of LA, The Ritz-Carlton Residences are a strong force in the 5-star luxury condo arena and people see its incredible value. It was a hard sell those first few years, but it caught on quickly," said Yvonne.
Even after the completion of West Coast's portfolio earlier this month, Yvonne continues her work at The Ritz as she has been a leader in sales and leasing there year after year.
Visit http://www.ThePropertyLabRE.com for more information
Visit http://www.ThePropertyLabOC.com for more information