The rental lofts at First and Vignes are getting fancified, in yet another show of recent confidence in the Arts District. Real estate investment firm M West Holdings has just bought the 900 East First Street Lofts and plans to upgrade and rebrand for the rich young things who have been flocking to the area. 900 E. First was originally built as a distribution warehouse for the JR Newberry Company grocery chain--it predates the First Street Viaduct (built in 1929)--and was converted into 45 lofts in the eighties, according to a press release. From here on out, the building will go back to its roots and be known as the Newberry Lofts.
All the units already have "exposed brick walls and original wooden columns," and they'll be getting "high-end kitchens and bathrooms consistent with Class-A condos in the submarket." According to its website, units run from 1,200 to 1,500 square feet and rents currently range from $1,750 to $2,600 per month. However, it notes that there are renovations already underway and rates are expected to jump up to $2,000 to $3,000. The site's FAQ is also charmingly straightforward about the building's lack of fitness center or dog run: "Is it true that the building has no amenities? Yes."
· 900 East First Street Lofts [Official Site]
· M West Holdings Acquires 45 Loft Apartments in Los Angeles, Arts District [MarketWatch]