Greystar Unveils Historic Landmark Boutique Lofts

Greystar Unveils Historic Landmark Boutique Lofts

LOS ANGELES, CA - Greystar Real Estate Partners, the largest apartment operator in the United States, acquired and has recently completed construction on the adaptive re-use of a historic Downtown Los Angeles landmark, now known as The Roosevelt Lofts. This one-of-a-kind high-rise in the heart of the Financial District was acquired out of bankruptcy in the fall of 2011. The building recently underwent months of construction to complete unfinished units and to update amenities in order to transform it into a 222-unit boutique apartment community. Scheduled for unveiling on July 19th, the project highlights Greystar's belief in Downtown Los Angeles' urban lifestyle and the company's strong commitment to investing, developing and managing multifamily assets in the California markets.

"There is a growing demand for luxury multifamily space in urban centers," said Robert A. Faith, Chairman and CEO of Greystar. "The Roosevelt Lofts cater to residents who want a definitive cosmopolitan L.A. living experience that marries luxury and historic allure with the burgeoning energy and culture that Downtown has to offer."

Located in the Financial District, across from Macy's Plaza and within walking distance of Staples Center and Nokia Theatre, The Roosevelt Lofts is unique in that it has its own parking garage and is built over a Metro station. Greystar recently invested $5 million in a 9-month long construction project to complete 71 unfinished apartment units and update amenities. The adaptive re-use project echoes the decidedly stylish and contemporary vibe of its dynamic host historic building, and provides plush, "boutique hotel-inspired" accommodations and amenities such as a rooftop pool and lounge with panoramic city views, a fitness center complete with yoga, spin, massage, and tanning, a Zen garden, a business center with conference rooms, various concierge services, and valet parking. The completed apartment units include condo-quality finishes, premium appliances and fixtures. The updated common areas include original murals and artwork by local artists, which adds to the apartment community's distinct appeal.

When The Roosevelt opened in 1927, it was the largest office building in Southern California. The building was subsequently purchased in 1998 and partially converted to condos in 2006, leaving 71 units unfinished before falling into bankruptcy in 2008. Greystar acquired The Roosevelt in fall 2011 for $95 million in a complex off-market transaction, in which the firm purchased the underlying mortgage note and eventually took title to the property through a negotiated bankruptcy reorganization plan.

The acquisition and completion of The Roosevelt Lofts highlights Greystar's increasing presence and growth not only in Downtown Los Angeles, but also in California as a whole. Greystar currently manages two additional high-end apartment communities in Downtown and over 2,500 units in Greater Los Angeles. Over the past year Greystar has acquired six California properties comprising 1,151 units, with its latest fund, Greystar Equity Partners VII, L.P., and is moving forward on over 750 units of ground-up development through various joint ventures throughout the state. Greystar currently manages 10,000 units in California and has corporate offices in Irvine, San Francisco and San Diego.

"The Roosevelt is a rare opportunity for Greystar and our investors to own an extremely high-quality historic building in a dynamic location in Los Angeles," said Kevin Kaberna, Managing Director of Investments for Greystar in the Western and Central U.S. "We are very optimistic about the portfolio assembled thus far in California and continue to see attractive opportunities in our target markets across the West."

Greystar is a fully-integrated multifamily real estate company with proven expertise in property management, investment and development services. Headquartered in Charleston, SC, Greystar is the largest apartment operator in the United States, managing more than 190,000 units in over 100 markets.

Source: Greystar / #Multifamily #Finance

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