Dublin-based First Equity Group and US real estate development company HDS Group announced today they have acquired two sites in Beverly Hills for the development of two premium residential and mixed-use developments.
“First Equity has, over many years, built up a strong relationship with international development partners,” Alan Barry, managing director at First Equity, said in a statement. “We have an established presence on the West Coast of the United States and this represents our fourth transaction in this market representing a total gross development value of $600 million (€438 million).”
First Equity is currently raising mezzanine capital to underwrite the development. The investment will offer investors a return of 30 percent annually with an approximate investment period of two to three years.
Located at 9200 Wilshire Boulevard, the first site will be a mixed-used development with 54 luxury condominiums. The property will also include 14,000 square feet of retail space. The development is in close proximity to the city’s famous Golden Triangle shopping district. The second site, at 450-460 North Palm Drive, will be comprised of 35 luxury condominiums in two buildings.
“At less than six square miles, Beverly Hills yields more wealth per city block than any municipality in the world,” Hagop Sargisian, founder and principal of HDS Group, said in the statement. “These development sites represent super-prime opportunities in Southern California’s most sought after residential market.”
Based in Beverly Hills, HDS specializes in projects that revitalize urban areas, including land entitlements, single family and multifamily residences, commercial mixed-use properties and luxury resorts.
First Equity focuses on providing private equity and mezzanine finance primarily to the real estate sector. The firm has offices in London and Los Angeles.