Kitty Wallace Sells Structure in 14 Days
Historic Art Deco Apartment Building in Koreatown Sells in Excess of $8.3 Million in All-Cash Transaction
Colliers International has negotiated the sale of The Ashby, a historic Art Deco-themed apartment building in Los Angeles’ Koreatown in a transaction valued at $8,376,000, or $170,939 per unit, company officials have reported.
Designed by prolific Los Angeles architect Max Maltzman and built in 1930, the Italian Renaissance Revival building, located at 808 S. Hobart Blvd., was purchased by TRG Investments and Cresta Properties, a joint-venture partnership based in Beverly Hills. The partnership will now add The Ashby’s 49 single and one-bedroom units to its current portfolio of some 300 apartment units owned in Koreatown and to the 1,000 units it owns throughout Southern California.
Colliers Executive Vice President Kitty Wallace and Associate David O’Neil represented both the partnership and the seller, San Francisco-based Virtu Investments, in the transaction. Wallace said the partnership was selected as the final buyer from a field of 12 when it committed to a non-refundable deposit and demonstrated the ability to close in 14 days. Wallace also was involved in a previous sale of the property in 2005, when the five-story building sold for $4.9 million.
“Demand by investors for infill, multi-family properties continues to grow throughout Los Angeles, fueled by the continuing high bar to home ownership imposed by banks and other mortgage lenders on potential first-time homeowners,” said Wallace. “Since many people have been unable to qualify for homes, the demand for well-located multi-family units continues to rise, but the supply of such buildings is severely limited.”
According to Wallace, The Ashby, which is listed as a historic cultural monument by the Los Angeles Cultural Heritage Commission, will undergo an extensive renovation. . About half of the units already have been renovated with additional upgrades to the lobby and other common areas planned.
Concord Real Estate Services will manage the property and oversee the capital improvement program.