The Flat, that bankrupt, fratty apartment building in City West, has gone on the market in a short sale. Owners 750 Garland LLC filed Chapter 11 in May to restructure their $23 million construction loan from China Trust Bank. Looks like that's on its way to getting sorted out--China Trust is the lender in the sale and, according to broker Rotimi Ayenbeku, is asking $24 million for the six-story, 206-unit former Holiday Inn, which comes with two ground floor commercial spaces (right now one of those is filled by the stressfully-loud Blue Velvet nightclub). Ayenbeku says he and his partner have received three offers, most around $20 million, and are still accepting more.
Meanwhile, if you're hard of hearing and looking to rent, leasing is going on as always at The Flat. Westside Rentals has two listings at the property--a $1,000 a month studio and a $1,950 a month "penthouse" loft (it's a lower front unit).
· The Flat [LoopNet]
· Next Wave of Downtown Bankruptcies: Apartment Buildings? [Curbed LA]
· Bankruptcy for City West Complex [Downtown News]
· Downtown's Flat Apartments: Fun Parties, Tearful Residents [Curbed LA]