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5/26/26
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The Oviatt Apartments, a 1940s-era multifamily asset in downtown Los Angeles consisting of 117 res units along with ground floor retail space, traded hands. The price was not given out, although we’ve been told that the deal went for a record-setting basis of approximately $80k per sro and $800 per square foot of land.
The property is located at 1315 S. Flower St, on an 11.7k sf corner lot in an Opportunity Zone, north of the I-10 and east of the 110 Fwy. This amenity-rich location continues to attract a diverse renter base, supported by entertainment, hospitality, and employment anchors that underpin long-term residential demand in the urban core.
The Oviatt Apartments benefit from a highly walkable, transit-oriented location in the South Park submarket, just one block from the Los Angeles Convention Center and Crypto.com Arena. The property is also near L.A. Live, the Fashion District, and a growing concentration of adaptive reuse office-to-residential conversions, as well as Metro lines providing regional connectivity.
Approximately 70% of the units (82 rooms) are secured under a master lease through February 3, 2029, significantly reducing lease-up risk and providing stable cash flow from acquisition. During their ownership, the seller implemented over $1 mil in comprehensive renovations, including all-new flooring, paint, fixtures, selective plumbing and electrical upgrades, and roof maintenance.
A Colliers team led by Vice Chair Kitty Wallace represented the seller in the transaction.
Fundamentals across the broader Los Angeles market remain stable, with vacancy holding relatively flat and rent growth showing early signs of stabilization following recent volatility. While downtown continues to face near-term leasing and perception challenges, it’s increasingly viewed through a long-term lens by investors, particularly as pricing resets create attractive basis opportunities relative to replacement cost. South Park continues to stand out for its concentration of institutional-quality assets, transit accessibility, and proximity to key economic drivers, positioning it for potential outsized recovery as capital re-enters the market.
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