C
enturion Real Estate Partners is relaunching sales for two high-end properties in Los Angeles: the Mandarin Oriental Residences in Beverly Hills and The Harland in West Hollywood. While both projects aim to capitalize on the growing demand for luxury living, their strategies differ significantly.

    The Harland, a 37-unit project, is being converted back into for-sale units after initially struggling during the pandemic. Centurion plans to target younger buyers looking for a primary residence, with pricing starting at $1.7 million for one- and two-bedroom units. In contrast, the Mandarin Oriental Residences are reintroducing themselves to the market with a 20% price reduction (ranging from $2.6 million to $7.3 million) and emphasizing luxury services aimed at buyers seeking a second or third property.

    Centurion Real Estate Partners has established itself as a turnaround specialist in the condominium world, and its managing partner, John Tashjian, believes that Los Angeles is on the cusp of a vertical living boom. The firm has partnered with Compass Development Marketing to handle sales for both properties. Market data suggests that condo sales are increasing, with a 20% jump in the first quarter compared to last year.

    The strategies for each property cater to different demographics, with The Harland targeting younger buyers and the Mandarin Oriental Residences appealing to those seeking luxury services. Tashjian notes that while some buyers may consider both properties, they view them as complementary rather than competitive products.

    Centurion has converted The Harland back into for-sale units after initially converting it to rentals during the pandemic. Pricing starts at $1.7 million for one- and two-bedroom units, with townhomes and penthouses featuring rooftop terraces with kitchens and views of the surrounding cityscape. Tashjian sees The Harland serving as a primary residence for younger buyers.

    The Mandarin Oriental Residences, on the other hand, come with luxury hotel-like services and amenities, priced accordingly to attract buyers seeking a second or third property. After an investor group defaulted on a $200 million loan tied to 44 units at the Mandarin, Centurion purchased the units in February and relaunched them with a 20% price reduction.

    Resident amenities include valet parking, concierge services, a library, lounge, meeting space, and a rooftop deck with a pool and spa. So far, a two-bedroom unit has been sold for $4.8 million. Tashjian hints at another condo property that Centurion will be announcing soon, citing increased demand in the market.