Real Estate Investor Continues Serving the USC Community with New Development
LOS ANGELES, Sept. 6, 2023 /PRNewswire/ — Mosaic Investment Partners achieved a significant milestone by securing the financing for its first ever ground-up development located just a few steps away from the University of Southern California (USC) campus. Tessera (www.TesseraUSC.com), as the building was recently branded, is located at 1069 West Exposition Boulevard in Los Angeles, CA. The 18,800-square-foot site will be developed into a 75,000-square-foot community with joint venture equity and mezzanine financing from HC2 Capital, and a senior construction facility from Calmwater Capital. The $56 million project will be Mosaic Investment Partners’ largest community and first ground-up construction, which will dramatically expand the investor’s collection of multi-family properties and apartments serving the USC student housing market.
George Alva, Co-Owner of Mosaic Investment Partners, states, “Tessera will provide USC students with a unique blend of luxury, convenience, and community. We brought in an award-winning architect and a high-end design firm that specializes in luxury homes in Malibu and Pacific Palisades to help us create what we expect to be a stunning, world-class building with resort-like common area spaces including a highly-amenitized rooftop with a pool, multiple firepits, large outdoor dining area, and a dog park.” Carlos Delherra, Co-Owner of Mosaic Investment Partners, adds, “The panoramic views of the Hollywood Hills, the downtown skyline, and Expo Park will be unmatched.”
Nestled between the prestigious USC campus and the awe-inspiring George Lucas Museum of Narrative Art, Tessera will be a seven-story, 53-unit community with 260 beds. With sleek contours and modern aesthetics, this architectural gem will feature fully furnished studio, one-, two-, three-, and four-bedroom apartments with stainless appliances, individual HVAC room controls, and balconies with select units. The community will also offer well over 10,000 square feet of amenity space, including a rooftop pool and lounge, a second-floor amenity deck, an open-air fitness center, computer room, dog park, fire pits, oversize planters, billiards, and more. Designed with students in mind, the rooftop also features quiet study areas with tables, chairs, and panoramic views of downtown Los Angeles and nearby mountains. The project is expected to be completed by the Spring of 2025.
The centrally located, transit-oriented development is within half a block of the USC campus and across the street from the Expo/Vermont Metro E Line station. A public passageway though the site will bridge Exposition Blvd. to W. 37th Dr. The property is within walking distance of Los Angeles Memorial Coliseum, Exposition Park, restaurants, coffee shops, and more. The I-110 Freeway is 0.7 miles away, and the I-10 Freeway is 1.5 miles away.
The Project Team
Developed by Mosaic Investment Partners, Tessera was designed by SVA Architects, with interiors and landscape design by Sorensen Architects. JLL Capital Markets assisted with securing financing from HC2 Capital and Calmwater Capital. Project management is being led by Dawil Sully and Jaime Sanchez of Oakwood Development Group. Construction will be completed by Alpha Construction.
About Mosaic Investment Partners
Led by George Alva and Carlos Delherra, Mosaic Investment Partners specializes in the acquisition, development, and renovation of multi-family properties and apartments in the USC market. Mosaic also operates a subsidiary, Mosaic Student Communities, to manage its properties and those owned by select third-party clients. In total, Mosaic owns over 130 units in the USC market and manages more than 350 units, home to more than 600 student residents. For more information, visit: www.LiveWithMosaic.com.
Media Contact: Beth Binger
Mobile: (619) 987-6658
SOURCE Mosaic Investment Partners
Originally published at https://www.prnewswire.com/news-releases/mosaic-investment-partners-secures-financing-for-its-first-ground-up-development-near-usc-301918748.html
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