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September 24, 2018
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MWest Holdings and GreenOak Real Estate Pay $68.5 Mil for Historic Residential Property in Downtown L.A.

3/30/18

LA-based MWest Holdings has teamed up with GreenOak Real Estate in the acquisition and planned rehabilitation of the 132-unit Santa Fe Lofts in Downtown Los Angeles. The venture purchased the asset for $68.5 mil and intends to invest over $6 mil to rehabilitate and upgrade the building into a boutique residential community.

Santa Fe Lofts is a historic Beaux Arts-style building located at 121 East 6th St in the vibrant, culturally abundant Gallery Row District of Downtown Los Angeles. MWest specializes in restoring classic properties that showcase historic architecture to build a sense of neighborhood, and revitalize community aesthetics and culture.

"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."

The planned renovtions include constructing a state-of-the-art fitness center, refreshing the roof deck, upgrading elevator access, and exterior renovations. MWest will integrate the building's ornate, classical design with modern amenities and hip communal spaces.

Commissioned by notable industrialist William G. Kerckhoff and designed by prominent L.A. 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. 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 over 50 years. In 2005, the interior of the annex was renovated and converted to housing.

Located in the Gallery Row District of Downtown Los Angeles, the Santa Fe Lofts are situated in a walkable, Metro-accessible neighborhood that is brimming with art galleries, yoga studios, coffeehouses, restaurants, bars, and the monthly Downtown Art Walk. The building itself includes nine commercial spaces occupied by prominent retail tenants including Las Perlas, the nation's first Mezcal bar, Pussy and Pooch, a modern pet boutique and groomer, and Redline Food and Bar, as well as two beauty salons.

With their close proximity to the Financial District and Civic Center, the Santa Fe Lofts are ideally located for residents who want to work, live, and recreate in Downtown Los Angeles. City officials are planning major upgrades to intersections and bike lanes in the area and recently approved the development of 1.2 million square feet of new office, increased housing, retail and public open space in the Civic Center which borders the Historic Core of Downtown Los Angeles.

Santa Fe Lofts is one of the largest multifamily adaptive reuse deals to sell since 2012, and is the fifth largest adaptive reuse multifamily project in all of Downtown Los Angeles. With the addition of Santa Fe Lofts, MWest Holdings totals three adaptive reuse projects in Downton Los Angeles. Over the past eight years, MWest has acquired and invested in rehabilitating nine historic buildings across Los Angeles including the San Fernando Building, Wilshire Royale, Hollywood Tower, and Park Wilshire.





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