Source: M West / #Apartments #Lofts
LOS ANGELES, CA - M West Holdings has completed the acquisition of 900 East 1st Street Lofts, a 45 unit property located in the Arts District neighborhood of Downtown Los Angeles. The 61,961 square foot building originally served as the distribution warehouse for the J. R. Newberry Company, a Los Angeles grocery store chain founded in 1898. In the 1980s the building underwent a complete renovation and was converted into 45 artist lofts. The open plan lofts currently feature exposed brick walls and original wooden columns.
M West will immediately renovate the extra-large loft units by adding high-end kitchens and bathrooms consistent with Class-A condos in the submarket. The property features ample surface parking for residents. M West will rebrand 900 East 1st Street as "The Newberry Lofts" invoking the historical significance of the Newbury Company in the Los Angeles area. Karl Slovin, President of M West states, "We are very excited to acquire one of Los Angeles' original warehouse buildings. By rebranding 900 East 1st Street as 'The Newberry Lofts,' we hope to evoke the property's rich past and historical context. We believe that this property has the potential to command the some of the highest rents within its submarket and will continue to benefit from the area's continued population growth, and solid long-term economic drivers."
900 East 1st St sits in the middle of an astonishing transformation that is taking place in the Arts District. New restaurants and art galleries continue to open every day in the flourishing neighborhood. One notable project is the One Santa Fe Project, which will be located less than one block from The Newbury Lofts. The $160 million One Santa Fe is designed by renowned architect Michael Maltzan. The project will have 438 apartments, 50,000 square feet of public outdoor space, and 78,620 square feet of commercial space.
Matthew Ellis, M West's Senior Vice President, states, "We have been long time fans of the Arts District, and believe the submarket will continue to attract a dynamic and creative crowd that will fuel the area's long term growth prospects."
M West Holdings is a diversified real estate company that has been investing in commercial real estate since 1991.