LOS ANGELES—GlobeSt.com has learned exclusively through industry sources that the Flat Apartments complex in Downtown Los Angeles has traded hands. The buyer is an investor operating under the LLC WK Flat LA Adventure. The seller in the transaction and the price were not disclosed.

“This was a rare opportunity for this buyer to acquire a large number of units in a prime downtown location that is continuously evolving as we speak,” Michael Balson of Keller Williams, who represented both the buyer and the seller in the transaction, tells GlobeSt.com. “I believe the Buyers intend to reposition the asset by adding value through renovations, improvements, and additional amenities and services, enhancing the living experience at the property.”   

According to Balson, very few buildings of this size come to the market, and as a result, the sale generated “tremendous interest and competition amongst various prospective bidders.” The seller won the bidding process both because of the price they offered as well as because of their certainty of close. “Buyer was chosen based on their qualifications and their timeliness during the process,” says Balson, who adds that, although the sale had a lot of moving parts, there were no unusual challenges.

Located at 750 Garland Ave., the property features a pool, two sundecks, a fitness center and a resident lounge. The 205 units include a mix of studio apartments as well as penthouse suites. It is located near the financial district and within close proximity to entertainment, restaurants and shopping centers.

“We are in an unprecedented feeding frenzy of investment in Downtown Los Angeles,” says Balson. “From new ground-up development to adaptive reuse to value add, there continues to be a ton of investment dollars coming into Downtown Los Angeles. These dollars are coming both from domestic companies here in the US as well as foreign investment from China and Korea and Canada and so on. I believe that this trend will continue well into the future.” This trend is true across investment sectors. For example, the 801 Tower recently traded hands for approximately $190 million; and the Wood Partners recently brought its newly developed luxury apartment building, 8^th+Hope, to market, which is already garnering a lot of interest.