Real estate investment firm TRG has just snapped up a century-old, three-story apartment building in South Park with plans to transform it into "micro-lofts" catering to DTLA's service industry employees, the LA Times reports. TRG paid $3 million for the building and will spend another million to add a gym, spa, screening room, and roofdeck--all those accoutrements will take up space and the building's current 32 apartments, sized at 600 square feet, will be pared down to 29. TRG Principal Reuben Robin became interested in the project after chatting with bartenders, waiters, and hospitality workers about the dearth of affordable housing downtown--the units will run between $1,200 and $1,700. TRG has big plans for the area and is planning to spend $50 million on DTLA housing over the next year and a half.
· Century-old apartment house near Staples sells for $3 million [LA Times]