Two Historic Multifamily Properties Trade Hands as 1920s Charm Makes a Comeback
- Apr 15, 2013
By Alex Girda, Associate Editor
Los Angeles’ residential market saw a recent upswing in interest for smaller multifamily properties as two deals were completed for properties bearing those traits. South Park Lofts in the South Park district and Avondale Apartments in Hollywood were snapped up by investment firms M West Holdings and Avondale Hollywood LLC, respectively. However, the two properties don’t only have a small footprint in common. Both South Park Lofts and Avondale Apartments are historic properties.
South Park Lofts is a 49-unit high-end multifamily building located at 818 South Grand Avenue in downtown Los Angeles. The property was originally built in 1924, and it underwent extensive renovations in 2004. Resident amenities include a rooftop garden and spa, grilling area, glass enclosed rooftop gym and onsite café, as well as its coveted location within walking distance to the LA Live entertainment district and Staples Center. The property is currently on the National Register of Historic Places and was also granted landmark status by the California Historic Resources Commission. Sold by Rockwood Real Estate Advisors, a full service real estate investment banking firm, the property is now under the ownership of M West Holdings, a vertically integrated private real estate investment company that operates in Southern California and New York City.
Avondale Apartments is a 1928-built apartment asset in Hollywood, offering 58 residential units. Located at 1825 North Cahuenga Boulevard, the property retains a large proportion of its original architectural features, while providing a great opportunity for any owner seeking renovation. A number of improvements could be undertaken at the aging building, most notably unit modernization and a lobby makeover. The property was acquired by Avondale Hollywood LLC for a fee of $6 million from seller 1825 N. Cahuenga LLC. The transaction was arranged on behalf of both parties by a representative from Madison Partners.
Images courtesy of splofts.com and Google StreetView