A controlled affiliate of private investor Starwood Capital Group set up a joint venture with Holland Partner Group to buy and develop the 550 Harborfront multifamily property in San Pedro, Calif.
The class A development at 550 S. Palos Verdes St. will comprise a seven-story, podium-style community with 375 units.
The partnership is set to close the opportunity zone development in spring 2020.
Starwood specializes in real estate, energy infrastructure, oil and gas investments. Holland is a Vancouver, Wash.-based real estate investment company.