Los Angeles –– CBRE has been hired to market for sale the 7th at Hill Apartments, an historic building in downtown Los Angeles recently converted to 125 short-term rental apartments and ground-floor space suited for retail.
The 17-story building, originally constructed in 1928, stands at 701 S. Hill St. in the historic core of downtown Los Angeles. Its apartments are leased to Sonder Hospitality Inc., which operates extended-stay, corporate apartments and suites across the globe.
The property’s owner, Vancouver, B.C.-based developer Bonnis Properties, is listing it for sale after purchasing it in 2016. The building has been fully structurally upgraded from offices into apartments, including installation of new elevators and mechanical systems. With Sonder secured to lease and operate the apartments, 7th and Hill is set to open its doors in June. Bonnis is negotiating with retailers to occupy the building’s 8,518-sq.-ft. first floor.
The CBRE team of Chris Caras, Michael Shustak and Phillip Sample are handling the marketing of 7th at Hill for sale.
“The reimagination of this stately building will add to the revitalization of downtown L.A. through the guests and retail services it will add to the market,” said Mr. Caras, CBRE Senior Vice President. “Bonnis spared no expense in renovating the building to surpass its former glory. Adding a top-quality, global operator of rental units like Sonder further enhances the property’s value.”
7th at Hill’s apartments range from studios to one- and two-bedroom units. Downtown L.A.’s apartment market generates annual rent growth of 2.6% with vacancy of 7.5%.
“This building has a ton of momentum, with a high-quality tenant in Sonder and, soon, a flow of guests experiencing downtown LA as temporary residents in fully furnished apartments rather than as tourists in hotel rooms,” said Mr. Shustak, CBRE Senior Vice President.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
