A recently built luxury apartment project in downtown Los Angeles nestled next to a bevy of office towers is emblematic of how residential demand is transforming the city's financial district.
The more than 600-foot-tall Beaudry at 960 W. 7th St. was completed last year and features roughly 785 units. Its effect on the surrounding area earning the development a 2024 CoStar Impact Award as judged by a panel of local industry professionals.
Beaudry's real estate was long slated to be an office property. However, as demand for office weakened over the years, the site was reimagined as one of the largest apartment towers in Southern California.
The completed project has a bevy of amenities including valet parking, concierge, a pool, golf simulator and a poker room. The property is next to the FIGat7TH mall and within walking distance of Crypto.com Arena along with dozens of other shops and restaurants in downtown Los Angeles.
The luxury property commands some of the highest apartment rents in downtown Los Angeles with a studio being listed for roughly $2,620 and a three-bedroom listed for $11,880.
About the project: The Beaudry development adds a new tower and roughly 785 units to the downtown Los Angeles skyline.
What the judges said: "This iconic multifamily residential development appears to be the tallest and largest tower with complicated development hurdles and innovations employed during the pandemic," wrote Bryan Riggs, owner of appraisal company Riggs & Riggs.
They made it happen: Beaudry's property managers include Sherif Aly, Jennifer Mulligan, Robert Flory and Patrick Rhodes.
CoStar Market Manager Brian DeHart contributed.