The Historic Core’s Santa Fe Lofts building has sold for $68.5 million. The Los Angeles Business Journal reports that MWest Holdings and GreenOak Real Estate of New York purchased the 1908 structure, located at Sixth and Main streets, from Bel Air-based Capital Foresight.
The new owners plan to spend $6 million renovating the 11-story building, which will remain mixed-use.
“We look forward to providing the modern amenities and welcoming feel that renters value while restoring and showcasing the unique qualities that make the Santa Fe Lofts a standout property,” says MWest Holdings president Karl Slovin.
MWest is leading two other adaptive reuse projects in Downtown, says the Journal. The firm owns 10 historic buildings in the LA area.
Capital Foresight owns a number of properties throughout Downtown, including the Maxfield and the Capitol Garment buildings in the Fashion District. It owned the Title Insurance building near Fourth and Spring streets until 2016, when the structure sold to Rising Realty.
- Santa Fe Lofts in DTLA Purchased for $68.5M [LA Business Journal]
- Restoration begins on Title Insurance Building’s gorgeous Art Deco facade [Curbed LA]