One of Downtown's loveliest buildings, the 91 year old Brockman, has sat empty at Seventh and Grand while the area around it--and under it--blossomed. After a long bankruptcy nightmare, the Brockman has been purchased and will become luxury rentals, reports Brigham Yen. Developer West Millennium bankrupted itself over the property--they initially wanted to finish work on the project in 2005 but cost overruns brought the conversion pricetag from $16 million to more than $40 million (they did manage to create 80 units before the well ran dry). After the project and West Millennium went belly up in 2009, Bank of America foreclosed and sat on the project for awhile. Colliers International was tasked with finding a new buyer and they recently found that in Denver-based Simpson Housing Group. No word on what they paid, but the sale "represented the second highest price-per-unit sale in Downtown Los Angeles' history," Multi-Housing News reports. The Brockman Lofts, as Collier is calling them, received a crazy amount of attention, with 26 "competitive" offers in one month.
· The Brockman Lofts Purchased by Simpson Housing Group, Will Become Luxury Rentals in Downtown LA [Brigham Yen]
· Brockman Building Archives [Curbed LA]