South Korean investors have shelled out approximately $30 million for the 1931 Title Guarantee apartment building, paying the second-highest per-unit price in Downtown, according to the LA Business Journal (sub. req.). With 74 refurbished units in the Art Deco Title, the Koreans ended up paying $405,000 a loft, while the nearby Brockman building on Seventh Street was purchased for $484,000 a unit in the spring. Back in 2004, developer Daniel Schwartz bought the Title--designed by John and Donald Parkinson, who worked on City Hall--for $10 million. He spent $38 million to renovate it and placed it on the market in 2007 (eek). He quickly realized that the units would have to work as rentals and the building quickly filled up. That wasn't enough to pay back debts, though, and the building went into foreclosure, with Bank of America taking over and putting it on the market last year. BofA added a gym and fixed up common areas to get the Title ready for a sale, and it apparently worked like a charm.
· Historic Residential Property Trades at Lofty Price [LABJ]
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