(Read more on the multifamily market.)
LOS ANGELES-A partnership of the Agoura Hills-based Buxbaum Group and the Amerland Group has acquired the Rosslyn Hotel in Downtown L.A. for $24.5 million and plans to convert the 12-story building at 451 S. Main St. into nearly 300 affordable and market-rate apartments. The partners estimate that the renovation will cost $20 million and will take two years to complete.
Targeting households earning between 35% and 60% of the Los Angeles area's median income, the building's 259 new affordable “micro-loft” units will be built on floors three though nine. The 38 units on the top three floors of the building will be rented at market rates.
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