Arrows show the three buildings of Santee Village. Who doesn't wish this was Santa's Village instead?
Oh, downtown condo shopper. You are weary and tired. You find the supply of downtown condos to be picked over and sad-looking. Worse, you just stepped in dog poop, which makes you think you should give up on the neighborhood altogether. What's Pasadena like to live in, anyway? But...wait. Maybe this news will excite you. Santee Village, that cluster of three colorful--and largely empty--buildings in the Fashion District, is now in escrow, according to CB Richard Ellis's Adam Tischer. Tischer, who represented Bank of America in the sale, declined to say who the buyer is, but he believes all the remaining 167 units, many of which were planned as rentals, will go condo.
Let's refresh: Originally, the three buildings--which have a total of 216 units--were supposed to be a mix of condos and rentals, and indeed, 49 condos sold back when things were going well for MJW Investments, which developed the project. But about a year ago, news broke that the project was in trouble. Bank of America took title on the property, and this recent sale is a distressed sale aka REO sale.
Despite the project's financial trouble, residents are currently living in the condo portion of the complex, which is obviously very quiet. But Santee Court, a large rental complex, is next door, while there are numerous retail tenants in the courtyard.
And as far as what these units at Sante Village look like inside, here's an older image.
Meanwhile, showing there's no slowdown in developers looking to buy in this distressed market, Tischer said that his firm received offers from 90 buyers on this deal. Besides the three buildings, there is also about 16,000 square feet of retail at Santee Village.
· Sales at Santee Village [Curbed LA]