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