Sales, mice and more: Bankrupt downtown apartment complex The Flat has been sold by China Trust Bank to private equity fund SA Properties, after being on the market in a short sale. Sold for $20 million in cash, the 206-unit five story building also houses Blue Velvet restaurant (and architect Alexis Rochas urban rooftop garden SYNTHe). According to the LA Downtown News, the fund is backed by an individual investor "who would not publicly reveal his or her identity." The building will remain a rental and is said to be about 90% leased. Meanwhile, via LoveAngelesLA's Twitter pic, Blue Velvet was cited for rodent infestation last Thursday. But think droppings, not thick-tailed rats. Here's what Brian Rugley, director of operations at MKT, tells us: "It wasn't rodent infestation, what they found was mouse droppings in a storage room...the droppings had probably been there for a year." After a clean-up, the restaurant re-opened 48 hours later. And the legendary parties returned. "We had a party of 300 yesterday," he adds. Bottoms up.
· The Flat Sold to Private Equity Fund [Downtown News]
· Next Wave of Downtown Bankruptcies: Apartment Buildings? [Curbed LA]