MWest-led venture acquires Downtown loft building for $69M

MWest adds to growing presence in DTLA with the Santa Fe Lofts

Mar.March 30, 2018 10:00 AM
Santa Fe Lofts at 121 E. 6th Street

A joint venture led by MWest Holdings has acquired an 11-story residential building in Downtown, expanding the investment firm’s presence there.

Sherman Oaks-based MWest and New York-based equity fund GreenOak Real Estate purchased the Santa Fe Lofts for $68.5 million, or $519,000 per unit, the L.A. Business Journal reported.

The seller, Capital Foresight, is a Studio City developer.

The joint venture is planning a $6 million rehabilitation on the century-old building at 121 E. 6th Street. The Santa Fe Lofts include 132 apartment units and 13,500 square feet of retail space across 10 units.

Capital Foresight picked up the property in 2012 for $35 million and then refinanced with a $34 million mortgage two years later.

MWest owns a number of mid-rise and low-rise apartments around the city. The Santa Fe Lofts is its fourth apartment building in Downtown. In 2016, the firm purchased the San Fernando Loft building at 400 South Main Street, another historic building two blocks north of the Santa Fe Lofts.

The Santa Fe Lofts were designed by the L.A. architecture firm Morgan & Walls in the Beaux-Arts style. An annex was added in 1916. It got its name when the Santa Fe Railroad purchased it in 1933 and occupied seven floors for more than half a century, the Journal reported. The building was renovated and converted to residential in 2005. [L.A. Business Journal] — Dennis Lynch

Related Articles

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

LBA Realty co-founder and principal Phil Belling and LaSalle Investment Management CEO Jeff Jacobson with USC Tower

Joint venture is selling landmark USC Tower in DTLA

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls