DT Mixed-Use Projects Fly Off Market

LOS ANGELES—A local investor has purchased a 36-unit apartment building in the MacArthur Park area of Downtown Los Angeles with plans to convert the building into a mixed-use complex by adding retail space. Closing in an incredible 17 days, the transaction illustrates the high demand for mixed-use conversion properties in the downtown market.

Because this is a distressed asset, it presented a series of challenges. Sperry Van Ness Rich Investment Real Estate Partners‘ Shiva Monify, who represented both the buyer and the seller in the transaction, had to resolve $2 million in existing debt on the property. Additionally, the property had excessive code violations from the City of Los Angeles that had to be resolved before the sale of the property. Despite all of these hurdles, the Monify was able to close the transaction in less than a month.