A 72-unit apartment building in downtown Los Angeles has recently been placed on the market. Located in one of the city’s top performing multifamily submarkets, the asset is being listed by Cushman & Wakefield for $43 million – about $597,222 per unit – and would include the 13-story apartment tower as well as an adjacent 80-unit parking structure.
The property, located at 756 S. Spring Street, is currently owned by New York-based Monarch Realty Group, according to property records.
Referred to as the Great Republic Lofts, the building offers a mix of studio and one-bedroom units, with prices ranging from $2,250 to $2,595 per month and, on average, are 818 square feet. Currently, the Great Republic Lofts are about 94 percent leased.
The offering memorandum also shows that the 1920s-era property has undergone extensive renovations, including new washer and dryer hookups installed in every unit, modernized features throughout each unit and a transformed amenity deck, with a pool and spa overlooking the Los Angeles skyline.
“The beaux-arts style building was meticulously renovated in 2009 and boasts a careful juxtaposition of historic character with modern amenities. Main lobby areas have been restored to reflect the grandeur of the 1920s and the original brick walls have been exposed throughout the unit Interiors,” the offering memorandum states.
The multifamily asset is located in the heart of Los Angeles, placing it in close proximity to popular attractions, including the Crypto.com Arena, LA Live and more. Also nearby are a number of other multifamily properties, including Union Lofts, Reserved Lofts, Packard Lofts as well as many others. The nearby Financial District also provides tenants with access to more than 12,000 companies, the listing shows.
The Los Angeles multifamily market has been subject to much growth over the past several years. According to a second quarter multifamily market report from Kidder Mathews, Los Angeles vacancy rate has steadily declined to 3.3 percent vacancy, while rental rates have increased approximately nine percent to $2,079 per month in the first quarter of 2022. At the same time, construction was nearly 47 percent, year-over-year, according to the report.
