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'Secret Billionaire Fund' Buys Two Apartment Buildings in a Bet on This City Center

Iconiq, Daydream Offer Short-Term Rental Service to Renters
The Grace and Griffin on Spring Street in downtown Los Angeles from above. Photo: PCCP
The Grace and Griffin on Spring Street in downtown Los Angeles from above. Photo: PCCP
By Karen Jordan
July 29, 2019 | 11:21 P.M.

A wealth management firm for some of Silicon Valley's most recognizable billionaires has purchased two downtown Los Angeles apartment buildings for $406 million where it plans to manage a short-term rental program for its long-term residents, in a sign of increasing confidence in the burgeoning city center.

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