One of Downtown Los Angeles’ historic buildings has a new owner.
A JV of MWest Holdings and GreenOak Real Estate has purchased the 11-story Santa Fe Lofts from Capital Foresight for $70M. The mixed-use apartment building with ground-level retail is on the corner of Sixth and Main streets along Gallery Row in the Old Bank District in downtown.
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The Sherman Oaks-based MWest Holdings, which has over 2M SF of residential and commercial property across the U.S., specializes in rehabbing old buildings and turning them into Class-A developments.
MWest officials said they plan to invest an additional $6M to renovate and upgrade the 132-unit, 213,560 SF building and keep it as a mixed-use development.
“The Santa Fe Lofts are a strong addition to our growing portfolio of properties with historical architectural details and community significance," MWest Holdings President Karl Slovin said in a news release. “We look forward to providing the modern amenities and welcoming feel that renters value while restoring and showcasing the unique qualities that make the Santa Fe Lofts a standout property.”
Cushman & Wakefield’s Mike Condon Jr., Kelli Snyder and Brianna Demus represented the buyer and the seller.
Commissioned by industrialist William G. Kerckhoff and built in 1908 by prominent architecture firm Morgan and Walls, the building features a neoclassical design with oversized windows and mosaic tiles and circa 1910 lobbies and staircases.
The Santa Fe Railroad purchased the building in 1933 and occupied seven floors for more than five decades. Nearly 100 years later, in 2005, the property was renovated and converted to housing.
In a separate news release announcing the transaction, Cushman & Wakefield’s Condon said the sale points to the broader gentrification of a number of downtown submarkets such as the Arts District, Jewelry District, Chinatown and the Old Bank District.
Condon said the sale illustrates how downtown is transforming into a place to live and work.
“It’s the perfect opportunity for people to switch their cars for their walking shoes and move to a place like Santa Fe Lofts, as there are very few places in the world where this kind of living can be achievable,” Condon said.
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