The asset was repositioned from a historic textile mill into an artist loft / mixed use asset based on the belief that the property could leverage the emerging energy in the Historic Core, later to include the LA Streetcar, the Bringing Back Broadway initiative, and revitalization of Pershing Square, and that future residents would want to live in this vibrant submarket.
The property has outperformed initial projections and remains as part of the long-term portfolio. Ownership has turned down several unsolicited purchase offers (several of which are materially above underwriting projections)
Evergreen has proposed developing Terraces at New River in Glendale, Arizona. When completed, the multifamily development will have over 400 residential units along with an attractive array of amenities including a clubhouse, cabana, multiple pool areas, pedestrian trails and open green space.
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