Wallace says that the market has been anticipating that the project would be offered for sale. “This deal couldn’t have come at a better time since Downtown is once again gaining momentum, especially in the class-A market sector,” Wallace said. Over the past year, 1,362 institutional quality units sold in Downtown L.A., she notes.

Wallace says that Colliers expects a good deal of interest from existing Downtown multifamily owners as well as outside investors wanting to stake a presence in the core of the city. She says that having a tenant like the Bottega Louie is a plus because it is “very well known among the high-end demographic that will eventually be leasing or buying the lofts.”

The 80 lofts include 65 with one bathroom, 13 with one and one-half bathrooms, and four penthouse units with spiral staircases leading to the rooftop patio. The average loft size is approximately 1,082 square feet, and two of the penthouse suites are 2,135 square feet with two bedrooms and two bathrooms.

Common area amenities include a grand lobby, security card access, a fitness center, two rooftop sun decks, hot and cold water outdoor spas, an interior courtyard, individual storage units and gated subterranean parking.