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M West Holdings Pays $68.5M for DTLA Multifamily

Investor Sells 132-Unit Santa Fe Lofts in Galley Row District
April 3, 2018
Capital Foresight sold the 132-unit Santa Fe Lofts multifamily complex at 121 E. 6th St. in Los Angeles, CA to MWest Holdings for $68.5 million, or approximately $515,000 per unit.

The seller acquired the asset from The Kor Group back in September 2012 for $35 million, according to CoStar data.
See CoStar COMPS #2569709.

The 11-story, 213,560-square-foot, 4-Star apartment building today consists of a mix of studios, one- and two- bedroom units above ground-floor retail space housing a mix of retail and service tenants including Mezcal bar Las Perlas, pet boutique Pussy and Pooch, two beauty salons and the Redline Food and Bar restaurant. It sits on two-thirds of an acre in the Gallery Row District of Downtown Los Angeles, in a walkable, commuter-friendly neighborhood peppered with art galleries, yoga studios, coffeehouses, restaurants and bars.

Commissioned by industrialist William G. Kerckhoff and designed by LA architecture firm Morgan and Walls, the Santa Fe Lofts feature neoclassical details including authentic hexagonal plaster columns, mosaic tile, oversized windows and light wells as well as 1910s-era lobbies, staircases and corridors. Originally constructed in 1908, with an annex added in 1916, the building was purchased in 1933 by the Santa Fe Railroad which occupied seven floors for more than 50 years. In 2005, the interior of the annex was renovated and converted to housing. The property was last renovated in 2016.

The buyer plans to invest more than $6 million to rehabilitate and upgrade the property into a boutique residential community with a host of new modern amenities, including a fitness center and roof deck, while maintaining and restoring the property's unique feel and classical design, according to a release.

"The Santa Fe Lofts are a strong addition to our growing portfolio of properties with historical architectural details and community significance," said Karl Slovin, president of MWest Holdings. "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."

Michael Condon of Cushman & Wakefield represented both parties in the off-market sale.

Please refer to CoStar COMPS #4196091 for more information on this transaction.

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