The Wall Street Journal: “Condos Conquer Los Angeles”

March 29, 2017

Condos Conquer Los Angeles

Chinese developers are fueling building boom

March 28, 2017 By Peter Grant

The Wilshire Grand Center, scheduled to open later this year, will be the tallest building west of the Mississippi River.

New condominiums are sprouting in downtown Los Angeles at the fastest pace since the 2008 crash, in a sign that a city synonymous with sprawl is embracing dense urban living.

Almost 2,000 new luxury condos are under development or being sold on or ahead of schedule, according to brokers, developers and other market participants. Many are going for over $1,000 a square foot.

Condo resale prices, meanwhile, are up 3.3% in the past year to $628 a square foot in downtown L.A., according to Polaris Pacific, a San Francisco-based real-estate sales and marketing firm. By comparison, resale prices for all condos in L.A. County were flat during the same period, Polaris said.

“Developers who have gone out and done deals have done very well,” said Paul Zeger, a Polaris partner.

Chinese developers are among the busiest in downtown L.A. They include a subsidiary of Greenland Group, which is building a $1 billion cluster of towers named Metropolis, and Oceanwide Holdings , which plans to complete a complex in 2019 that will include 504 condos, a Park Hyatt hotel and more than 166,000 square feet of retail.

Downtown L.A. once was a financial district that largely emptied out at night. It has been enjoying a broader development surge over the past few years with a mushrooming of stores, restaurants and bars. The Wilshire Grand Center, a 73-story skyscraper with a 900-room InterContinental hotel, is scheduled to open later this year, becoming the tallest building west of the Mississippi River.

But almost all of the residential development since the 2008 downturn has been rental projects, not condos. In all, the number of rental units in downtown L.A. has swelled to 20,361 from 14,365 in 2012, according to CoStar, while asking rents rose to $2.71 a month a square foot from $2.14.

Condo developers had been reluctant to make a postcrash bet on the willingness of Los Angelinos to buy boxes in the sky for the same price they could land a house with a yard and swimming pool.

Only recently, as developers saw downtown become more of 24-hour community, did they make their move.

“The [rental] apartment guys proved there was a market for people who want to live there,” said Arden Hearing, managing director of Trumark Urban, which recently opened a 25-story condo tower with 151 units in downtown L.A. Trumark already has sold 100 units in the project, named TEN50, at prices ranging from $600,000 to $4 million, putting the project ahead of schedule, Mr. Hearing said.

When the firm bought the site in 2014, the entire block consisted of parking lots and a mannequin sales center, he said.

“Flash forward to today: You have almost 1,000 people living on that same block,” Mr. Hearing said.

Fawaz Gailani, a retired oncologist, sold his house on 1.3 acres in Riverside, Calif., to buy a $1.6 million unit on the 17th floor of TEN50. He said he likes the quick access to food, entertainment and other amenities. “You don’t need a car at all,” he said. “That’s the beauty.”

Greenland is set to open the first of Metropolis’s three towers later this year and is already in contract for 80% of its 308 units, at prices averaging over $1,000 a square foot, according to Cory Weiss, an executive vice president at Douglas Elliman Development Marketing, the project’s sales agent.

Roughly 30% of the units in the second tower, which is scheduled to open in 2018, are in contract, Mr. Weiss said. Buyers include foreign investors and existing L.A. residents who like the lifestyle and are getting increasingly frustrated with the city’s traffic, he said.

Brokers and developers believe Chinese buyers will help fuel demand for downtown L.A. condos, just as they have in cities like New York and Vancouver, British Columbia “The connection between Chinese investors and the U.S. real-estate market is certainly a strong one,” said Thomas Feng, Oceanwide Plaza’s chief executive, in an email.

The roots of the city’s downtown renaissance go back to the development of the Staples Center in 1999 and the L.A. Live entertainment complex in 2007. There was a surge of condo and rental development before the downturn, but disappointing condo sales at several high-profile projects discouraged developers from returning to the market.

Instead, rental apartment developers snapped up many of the sites that had been assembled for condo development.

But new rental units are now being delivered at such a fast pace that developers are being forced to offer more incentives and even cut rents in some cases, according to brokers. Average rents are down 4% compared with this time last year, according to Polaris.

“Everything went rental for a while and not enough condo product was built to meet market demand,” said Miles Garber, head of research for Polaris Pacific. “The pendulum swung too far.”

Mansion Global: “Condos Conquer Los Angeles”

March 28, 2017

Condos Conquer Los Angeles

Chinese developers are fueling building boom

March 28, 2017 By Peter Grant

New condominiums are sprouting in downtown Los Angeles at the fastest pace since the 2008 crash, in a sign that a city synonymous with sprawl is embracing dense urban living.

Almost 2,000 new luxury condos are under development or being sold on or ahead of schedule, according to brokers, developers and other market participants. Many are going for over $1,000 a square foot.

Condo resale prices, meanwhile, are up 3.3% in the past year to $628 a square foot in downtown L.A., according to Polaris Pacific, a San Francisco-based real-estate sales and marketing firm. By comparison, resale prices for all condos in L.A. County were flat during the same period, Polaris said.

“Developers who have gone out and done deals have done very well,” said Paul Zeger, a Polaris partner.

Chinese developers are among the busiest in downtown L.A. They include a subsidiary of Greenland Group, which is building a $1 billion cluster of towers named Metropolis, and Oceanwide Holdings, which plans to complete a complex in 2019 that will include 504 condos, a Park Hyatt hotel andmore than 166,000 square feet of retail.

Downtown L.A. once was a financial district that largely emptied out at night. It has been enjoying a broader development surge over the past few years with a mushrooming of stores, restaurants and bars. The Wilshire Grand Center, a 73-story skyscraper with a 900-room InterContinental hotel, is scheduled to open later this year, becoming the tallest building west of the Mississippi River.

But almost all of the residential development since the 2008 downturn has been rental projects, not condos. In all, the number of rental units in downtown L.A. has swelled to 20,361 from 14,365 in 2012, according to CoStar, while asking rents rose to $2.71 a month a square foot from $2.14.

Condo developers had been reluctant to make a postcrash bet on the willingness of Los Angelinos to buy boxes in the sky for the same price they could land a house with a yard and swimming pool.

Only recently, as developers saw downtown become more of 24-hour community, did they make their move.

“The [rental] apartment guys proved there was a market for people who want to live there,” said Arden Hearing, managing director of Trumark Urban, which recently opened a 25-story condo tower with 151 units in downtown L.A. Trumark already has sold 100 units in the project, named TEN50, at prices ranging from $600,000 to $4 million, putting the project ahead of schedule, Mr. Hearing said.

When the firm bought the site in 2014, the entire block consisted of parking lots and a mannequin sales center, he said.

“Flash forward to today: You have almost 1,000 people living on that same block,” Mr. Hearing said.

Fawaz Gailani, a retired oncologist, sold his house on 1.3 acres in Riverside, Calif., to buy a $1.6 million unit on the 17th floor of TEN50. He said he likes the quick access to food, entertainment and other amenities. “You don’t need a car at all,” he said. “That’s the beauty.”

Greenland is set to open the first of Metropolis’s three towers later this year and is already in contract for 80% of its 308 units, at prices averaging over $1,000 a square foot, according to Cory Weiss, an executive vice president at Douglas Elliman Development Marketing, the project’s sales agent.

Roughly 30% of the units in the second tower, which is scheduled to open in 2018, are in contract, Mr. Weiss said. Buyers include foreign investors and existing L.A. residents who like the lifestyle and are getting increasingly frustrated with the city’s traffic, he said.

Brokers and developers believe Chinese buyers will help fuel demand for downtown L.A. condos, just as they have in cities like New York and Vancouver, British Columbia “The connection between Chinese investors and the U.S. real-estate market is certainly a strong one,” said Thomas Feng, Oceanwide Plaza’s chief executive, in an email.

The roots of the city’s downtown renaissance go back to the development of the Staples Center in 1999 and the L.A. Live entertainment complex in 2007. There was a surge of condo and rental development before the downturn, but disappointing condo sales at several high-profile projects discouraged developers from returning to the market.

Instead, rental apartment developers snapped up many of the sites that had been assembled for condo development.

But new rental units are now being delivered at such a fast pace that developers are being forced to offer more incentives and even cut rents in some cases, according to brokers. Average rents are down 4% compared with this time last year, according to Polaris.

“Everything went rental for a while and not enough condo product was built to meet market demand,” said Miles Garber, head of research for Polaris Pacific. “The pendulum swung too far.”

The Real Deal: “DTLA Condo Development Hits Fastest Pace Since 2008 Crash: Report”

DTLA Condo Development Hits Fastest Pace Since 2008 Crash: Report

Brokers point to oversupply in rental market and insufficient condo inventory

March 28, 2017

Rendering of the Metropolis project (credit: highrises.com)

Condo development in Downtown Los Angeles is at an all-time high since the recession, according to the Wall Street Journal.

Nearly 2,000 new condos are under construction or on the market, some of which are going for over $1,000 per square foot, insiders told the Journal. Prices for existing downtown condos are also up 3.3 percent over the past year to $628 per square foot, according to Polaris Pacific.

Nearly 80 percent of the 308 units in the first of three towers at Greenland USA’s Metropolis project are in contract, according to Cory Weiss, an executive vice president at Douglas Elliman Development Marketing, which is marketing the project. The second tower, slated to open next year, is 30 percent in contract, he said.

Approximately 100 of the 151 units at TEN50, Trumark Urban’s 25-story condo building at 10th Street and Grand Avenue, are spoken for at prices ranging from $600,000 to $4 million, according to Trumark’s managing director Arden Hearing, putting the company ahead of schedule on sales.

Industry insiders point to oversupply in the rental market and insufficient condo inventory in DTLA.

“Everything went rental for a while and not enough condo product was built to meet market demand,” Miles Garber, head of research for Polaris, told the Journal. “The pendulum swung too far.” [WSJ] — Cathaleen Chen

Urbanize LA: “Rendering vs. Reality: DTLA’s Ten50”

March 24, 2017

Rendering vs. Reality: DTLA’s Ten50

The 25-story tower was designed by HansonLA.

March 24, 2017 By Steven Sharp Photos by Hunter Kerhart 

Earlier this month, developer Trumark Urban opened the doors of Ten50, which is billed as the first ground-up condominium building completed in Downtown in nearly a decade.

Located at the northeast corner of 11th Street and Grand Avenue, the 25-story tower features 151 for-sale residences above ground-floor commercial space and a parking garage.

Architecture firm HansonLA notes that the building is highlighted by a “simple geometric patterned facade,” with punched windows interrupted by floor-to-ceiling glass cubes.

Compare renderings to reality with images provided by Los Angeles-based architectural photographer Hunter Kerhart, seen below.

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San Francisco Business Times: “Meet the Bay Area Real Estate Deals of the Year Award Winners”

March 23, 2017

Meet the Bay Area Real Estate Deals of the Year Award winners

This year’s Real Estate Deals of the Year winners include big names in Bay Area real estate such as Tishman Speyer, Harvest Properties, Swift Real Estate Partners and Equity Residential.

There are blockbuster Financial District leases with red-hot tenants and soaring luxury residential towers in SoMa as well as transit-oriented affordable housing next to BART. We’re also celebrating trophy retail properties in Union Square and the biggest industrial lease in the history of the East Bay.

You’ll notice that last year we changed the format of these awards. Instead of celebrating both finalists and winners, we’ve now chosen only winners. We have 24 winners plus seven “superlative” awards, including Broker of the Year, Dealmaker of the Year and Deal of the Year. A special Housing Champion Award was also added this year.

It was tough to pick the top projects and deals among more than 100 nominations. We tried to focus on the biggest and most significant among them.

Congratulations to our winners for your vision and tenacity in getting these projects built and deals done. You can see each of the winners and related video content here.

Los Angeles Downtown News: “After Thousands of Apartments, Condos Come to South Park”

March 20, 2017

After Thousands of Apartments, Condos Come to South Park

Mar 20, 2017, Nicholas Slayton

DTLA – In the summer of 2005, a developer called the Kalantari Group secured city approvals to construct a sleek 25-story, steel-and-glass building at the northeast corner of 11th Street and Grand Avenue. There was a bubbling residential scene in the Historic Core at the time, and some momentum was carrying down to South Park. The project, known as the Glass Tower, was slated to house 128 live-work condominiums.

The Glass Tower, like so many other projects broached in the years before the recession, never happened. Instead, the economy nosedived, lending for big developments dried up, and the property stood as a parking lot, often used by people attending concerts or games at Staples Center.

Finally, residential units have come to the site. Some things are similar to what was originally planned, and others are completely different.

Last month, the $125 million Ten50 condominium complex opened. Named for the address of 1050 S. Grand Ave., it holds 151 residences.

The developer, San Francisco-based Trumark Urban, bought the property in 2014, with the aim of offering for-sale residences in a market in which nearly all of the new stock was rentals. Trumark Urban hired the Downtown-based architecture firm Hanson-L.A. to spruce up designs for a tower that would remain at 25 floors.

“We’ve got people paying $4,000-6,000 in rent all around us,” said Trumark Urban Managing Director Arden Hearing. “It’s an amazing opportunity to get ownership, in effect.”

The building is more than 60% sold, said Hearing, with condos ranging from roughly 679-1,380 square feet. There are also six penthouses, including two two-story homes that run from 1,117-3,575 square feet.

Units still available include a two-bedroom condo on the ninth floor for $879,000. A similar-sized 17th floor residence is priced at $1.1 million. The most expensive units are the penthouses, which go up to $4 million.

Expanding Market

Ten50 is at the forefront of a new wave of Downtown Los Angeles condominiums. Some for-sale residences are now on the market in the first phase of Greenland USA’s Metropolis project. In coming years, thousands of South Park condominiums are expected to be available in later stages of Metropolis, and at the massive Circa and Oceanwide Plaza developments.

The supply of Downtown condominium for resale is low, said Bill Cooper of the Downtown-based realty firm the Loft Expert! Group.

Prices for remaining units in Ten50 average about $1,000 per square foot, which is lower than at Metropolis. Hamid Behdad, the president of the Central City Development Group and a longtime player in Downtown real estate, said that the Ten50 levels are reasonable in part because Trumark Urban was able to buy the land already entitled, which helped keep development costs down.

Hearing said that Trumark Urban is using a hyper-local campaign to market the building, and is not focused on attracting buyers from countries such as China, which has been the case at Metropolis. Some observers worry that a proliferation of foreign buyers will lead to empty units, as many of the purchasers would only live there part time.

Hearing said that Ten50 was built with the Downtown community in mind. He said reaction in the Central City has been strong.

“Most of our buyers already live or work Downtown,” Hearing said. “More than 70% work Downtown.”

Amenities

 Although Ten50 is within walking distance of L.A. Live, the building is on a relatively quiet block. Dr. Fawaz Gailani, who purchased a unit, said the neighborhood appealed to him. Gailani recently retired and was looking to downsize from a 1.3-acre home. He found himself drawn to all the amenities within walking distance of the building.

“I don’t have to drive everywhere, which is a convenience. There are shops, restaurants, it’s centrally located,” Gailani said. “In a way, it’s very convenient for someone who wants things around him. The area isn’t too busy, it’s not too empty.”

Many of the residences include balconies and nearly floor-to-ceiling windows. The condos feature wooden floors (with carpet in the bedrooms) and porcelain-tiled bathrooms. Open kitchens sport marble countertops and stainless steel refrigerators. The building is staffed by a concierge team of seven people.

The interior design from Handel Architects is eclectic, heavy on blue backgrounds and gold patterns. The lobby has both Mid-Century Modern elements and contemporary features such as abstract light fixtures and mirrors. Many upper-level hallways have blue walls. Art hangs near the elevators, including a picture of the artist Salvador Dali.

An amenities deck on the sixth offers approximately 13,000 square feet of space. It holds a large indoor lounge with a kitchen, television, gym and private dining space. The outdoor portion, on the north side of the building, has a pool, hot tub and palm trees.

One unique feature is a sixth floor landing pad for drones to deliver packages; though that doesn’t happen yet, Trumark Urban representatives know it might in the future. The roughly four foot-by-four foot wooden platform is on the edge of the amenities deck.

Cooper, the real estate broker, said that the people considering Ten50 are looking for a strong community to be a part of. They don’t want to be near the freeway and are looking for an active building.

Hearing said that Trumark Urban expects to have Ten50 completely sold by the end of the year.

Curbed Los Angeles: “Condos in Downtown LA tower Ten50 are 60 percent sold”

Condos in Downtown LA tower Ten50 are 60 percent sold

The drone landing pad can’t hurt

March 20, 2017, by Bianca Barragan

About 60 percent of the units in Ten50—the 25-story condo tower in Downtown LA’s South Park neighborhood with a drone landing pad—have been scooped up after sales launched last year, says Los Angeles Downtown News.

The tower at the corner of 11th and Olive streets opened last month, and developer Trumark Urban expects to have all the units in Ten50 sold by the end of this year, managing director Arden Hearing told the News.

“We’ve got people paying $4,000-6,000 in rent all around us,” Hearing told the News. Ten50 is “an amazing opportunity to get ownership” in Downtown, he said.

It’s one of a small but growing crop of Downtown condos available in a neighborhood where most new units are available to rent, not to own.

The Downtown market seems poised to be heavily rental-focused: A Downtown Business Improvement District report released this month found that in the fourth quarter of last year, 7,645 new residential units were proposed for DTLA. Only 1,200 of them were condos.

There are condos on the market at the nearby Metropolis development (with more on the way), but the price point there is a bit higher per square foot than the ones still available at Ten50, which “average about $1,000 per square foot,” says the News.

Hamid Behdad, the president of the Central City Development Group, suggested that Ten50 prices are lower than Metropolis’s “in part because Trumark Urban was able to buy the land already entitled, which helped keep development costs down,” the News reports.

For those clamoring to buy a new condo Downtown, fear not: There are more coming online in South Park, at additional towers at Metropolis and at Oceanwide Plaza, which will have over 500 new condos.

At Ten50, residences range from 679 square feet to 1,380 square feet. The six penthouses are in a different league, ranging from 1,117 to 3,575 square feet. Two of the penthouses are two stories tall. Aside from the landing pad from drone deliveries (which has yet to be utilized), residents can enjoy a yoga deck, and a pool and spa on the sixth floor amenity deck. The project was designed by Douglas Hanson, president of HansonLA.

When Curbed visited the then-under-construction tower, the least expensive units were asking around the low $600,000s. Those units appear to have been snatched up quickly.

Among the condos that are still available in Ten50 are a two-bedroom condo on the ninth floor, which is listed for $879,000, and a “similar-sized” condo up on the 17th floor that’s asking $1.1 million. A few penthouses appear to be available, too. They can cost up to $4 million, says the News.

Los Angeles Business Journal: “Market Known for Rental Properties Moves into Condo Projects”

March 10, 2017

Market Known for Rental Properties Moves into Condo Projects

Diving in Downtown

March 10, 2017, By Helen Zhao

On Deck: Arden Hearing sits poolside at the Ten50 condo tower downtown. Photo by Ringo Chiu.

When developer Arden Hearing was trying to finance his Ten50 condo tower downtown, many investors told him to build apartments instead.

With the effects of the Great Recession still lingering, a time when condos sat unsold and prices were slashed to lure buyers, the smart money was on rentals. But Hearing wasn’t convinced.

“We just saw different risks,” said Hearing, managing director of San Francisco’s Trumark Urban. “If everyone’s doing (apartments), then you’re going to have 10,000 apartments coming on at the same time. What’s that going to do to rents?”

Ten50 is at the forefront of a wave of condos set to hit the market in the next few years. Reports put the number of units under construction downtown between 2,100 and 2,500. An additional 2,270 units have been approved, according to condo sales and marketing firm Polaris Pacific of San Francisco. About 5,200 more condos have been proposed, according to the Downtown Business Improvement District, which pegs the total inventory of completed units at more than 5,600.

Ten50, located at 1050 S. Grand Ave., has sold slightly more than 100 out of 151 units in its 11 months on the market, according to Hearing. Listing prices range from $600,000 for a one-bedroom condo to more than $4 million for a penthouse. Residents started arriving in late February, the first to do so at a downtown condo tower since the 2008 opening of Evo South at 1155 S. Grand. While that project eventually sold out, there were challenges.

“They had a very, very hard time selling them,” said Neil McDermott, an agent and vice president of Beverly Hills-based Hilton & Hyland. “The reality came when the building was done – the market was down. They had to go through several price reductions before they could sell anything.”

The tough economic situation led several developers to convert condo projects that came on line during the recession into apartments.

“If you finish apartments in 2007, you keep renting and you keep cashing checks,” Hearing said. “In 2009, the market gets better and you raise rents. You keep raising rents. In the big picture, apartments are a very ultralow-risk real estate investment.”

But downtown has evolved since the recession, with tens of thousands of people flocking to the area along with jobs, transportation, amenities, entertainment, and housing.

The steep price increases in the downtown market reflect that growing popularity. The median sales price of a condo there is $633,000 – up from $251,000 in 2012 – an increase of 152 percent, according to Redfin. The median sale price for the L.A. metropolitan area as a whole is $536,000 – an increase of 85 percent since 2012.

Robb Report: “TEN50 Welcomes First Residents and Ushers in New Era of High-Rise Home Ownership in Downtown Los Angeles”

March 9, 2017

TEN50 Welcomes First Residents and Ushers in New Era of High-Rise Home Ownership in Downtown Los Angeles

  

TEN50, the highly-anticipated residential tower in downtown Los Angeles, began welcoming its first residents to the building last week. Developed by Trumark Urban and designed by celebrated firms HansonLA and Handel Architects, the 25-story tower in downtown’s bustling South Park neighborhood offers 151 one- and two-bedroom condominiums and an unparalleled collection of amenities. Since launching sales in mid-2016, TEN50 has been addressing the for-sale housing shortage in a market that has seen tremendous growth over the last five years. The building will welcome more than 100 new homeowners over the coming weeks.

“We couldn’t be more excited to welcome our first residents to the neighborhood. High-rise living is changing; Los Angeles is changing, and our homeowners have embraced this evolution,” said Arden Hearing, Managing Director at Trumark Urban. “The sales success that we’ve experienced to date speaks volumes to the demand for for-sale housing in downtown Los Angeles and the desire of Angelenos to live in the midst of a thriving culture scene all set in a convenient, walkable location.”

Among the resort-style amenities that residents now have access to is “The Fifty”, an approximately 13,000-square-foot indoor/outdoor lounge that flows seamlessly from the plunge pool to the tranquil yoga garden with sweeping city views. This sixth floor amenity terrace gives way to manicured green spaces, barbecue grills, fire pits and private dining/lounge areas perfect for everyday relaxation and intimate resident events. The country’s first high-rise, residential drone landing pad also sits on the outdoor deck where residents will be able to coordinate drone deliveries via their smartphone. Residents also have access to a state-of-the-art fitness center, business center, screening room and more upon move-in.

“We looked around at several condominiums in South Park but we didn’t love the open loft style residences we were seeing. Once we saw TEN50, we knew nothing else would compare,” said new homeowners Albert and Jessica Alikin. “We love the functionality of having an enclosed floorplan. Best of all, the building will only have 151 units, making it a more intimate community. We both work nearby and love that we can avoid the worst part of living in Los Angeles – sitting in traffic!”

Trumark Urban is also proud to support their long-standing partnership with charity: water, a non-profit organization dedicated to bringing clean and safe drinking water to people in developing countries. For every 50 homes built, Trumark Urban provides and serves 200 people with fresh, clean water. In total, 600 people will have safe drinking water as a result of the homes purchased at TEN50.

An event was held on February 23 to celebrate the grand opening of TEN50 with more than 400 people in attendance. The Sales Gallery is located at 1057 S. Olive Street and is open to the public seven days a week. Pricing for the one- and two-bedroom homes starts from the $600,000s and ranges up to over $4 million for penthouses.

The Pacific Pioneers Silicon Valley’s Latest Virtual Reality Technology to Sell Over $250 Million in Real Estate

THE PACIFIC PIONEERS SILICON VALLEY’S LATEST VIRTUAL REALITY TECHNOLOGY TO SELL OVER $250 MILLION IN REAL ESTATE

Trumark Urban Offers Homeowners a “Look into the Future” with the Latest in VR Technology Aiding Sales at San Francisco’s Record-Breaking Luxury Residences

SAN FRANCISCO, CALIF. (March 9, 2017) –Trumark Urban has just announced the rollout of the largest and most advanced application of virtual reality in residential real estate to date at The Pacific, the award-winning luxury residences in San Francisco’s exclusive Pacific Heights neighborhood. Inspired by the stunning architecture of Glenn Rescalvo at Handel Architects and interior design by Handel Interior Design, Trumark Urban has enlisted digital creative firm Steelblue to visually simulate the Penthouse Collection at The Pacific. Via Samsung Gear VR headsets, owners can explore the building’s fully designed penthouses, which are being sold as completely customizable shells at list prices rising above approximately $4,000/square foot and reaching over $18 million for the 3,000 to 4,000 foot homes.

From the sunrise gleaming off the exquisite kitchen surfaces to visualizing the sun set within the elegant west-facing living room, this build out presents “a look to the future” never before seen in residential real estate. Potential buyers can transport through numerous 360 degree panoramic views and touch points of both the grand penthouse collection and the property’s generous amenity spaces.

“The response by our homeowners at The Pacific has been overwhelming –we’re immensely pleased with our record of success to date, and know that helping our community of prospective penthouse residents envision their new home after build out truly elevates the wow factor of the project,” said Arden Hearing, Managing Director for Trumark Urban. “While the residential real estate community has flirted with virtual reality for the last decade, never has the caliber of the technology been up to par, especially at the level that our homeowners expect, until now.”

The Pacific Penthouse Collection is comprised of seven penthouses and four grand penthouses, which are 50% sold. Most penthouses come as custom shells, enabling buyers who want to be involved in every aspect of the design process to fully customize every detail, from the floor plan to the showerheads. With floor plans ranging from approximately 2,100 square feet to 4,000 square feet, or up to 8,000 square feet with the opportunity for expansion by purchasing multiple penthouses, the Penthouse residences allow for an ultimate freedom in home design.

Sales for the building’s 76 residences, led by West Coast sales and marketing firm Polaris Pacific, launched late last summer, and The Pacific has seen 75% of residences swept up since then, across an array of one-, two- and three-bedrooms flats and three-level townhomes. Each residence features distinctive entertaining spaces, chef’s kitchens, up to 11-ft ceiling heights and floor-to-ceiling windows with picturesque views of San Francisco that span from the Bay, the Golden Gate Bridge, the Presidio, the Marin Headlands, Tiburon and Sausalito, to the Island of Belvedere.

The Pacific offers a full range of amenities including private vehicle valet, full service concierge, lobby attendant, a private Observatory Lounge overlooking the Bay and Golden Gate Bridge, a private guest residence called ͞The Fillmore͟, and a world class fitness center. Pricing for the residences starts from under $2 million and ranges up to $18 million.

The Pacific is located at 2121 Webster Street, San Francisco CA 94115. For more information, visit thepacificheights.com.

About The Trumark Group of Companies

Trumark Urban develops high-density condominiums and commercial projects in global gateway markets with a focus on core urban neighborhoods close to jobs, transit and local businesses. With offices in San Francisco and Los Angeles, the firm has a portfolio of more than 1,000 condominiums and over one million square feet representing more than $1 billion of revenue. www.trumarkurban.com

The Trumark Group of Companies is a diversified real estate developer and builder with expertise in land acquisition, homebuilding, community design, entitlements and office, R&D and retail development. Trumark has raised more than $460 million of equity and funded 25 projects since the depth of the recession in 2009.www.trumarkco.com

Trumark Homes is a visionary, next generation homebuilder with a robust portfolio of new home neighborhoods spanning the state of California. Emphasizing distinction and innovation in every home, Trumark Homes focuses on core infill developments in locations that exhibit strong job growth and provide access to major job centers. www.trumarkhomes.com, TruBlu Blog, Facebook, Twitter, LinkedIn

Trumark Communities is a residential land development platform focused on acquiring, developing and selling improved lots in master planned communities. Its current pipeline includes 1,500+ lots representing total projected revenue in excess of $300 million. Trumark Communities realized lot sales to builders of over $200 million in 2015. www.trumarkcommunities.com

Trumark Commercial, which builds, leases and sells commercial buildings, has entitled or developed approximately two million square feet of office, R&D, retail and hotel properties in the northern portion of the Golden State. www.trumarkco.com