LOS ANGELES-An iconic apartment community in Downtown Los Angeles is up for sale. The sale of the Historic Gas Co. Lofts at 810 S. Flower St. here, a 251-unit, institutional-quality multifamily community, is expected to be the largest single-apartment loft-conversion sale in L.A. since the Adaptive Reuse Ordinance was enacted in 1999.

Los Angeles veteran brokers Dean Zander and Vince Norris of Phoenix-based Hendricks-Berkadia, which has the exclusive listing for the property, will oversee the asset's marketing and sale. In addition to the apartment units, Historic Gas Co. Lofts offers more than 20,000 square feet of ground-floor commercial space. Zander tells GlobeSt.com that the property is unpriced, but similar sales in the immediate area have ranged from $300,000 per unit to nearly $500,000 per unit. He also says the property was redeveloped by CIM and is now owned by a joint venture between two large real estate groups whom he declined to identify.

The community consists of three adjoining structures that were converted to loft-style apartments in 2004 as part of the City's successful adaptive reuse ordinance. The centerpiece of the development was the original headquarters for the California Gas Co. and was constructed in 1924 by renowned architects John and Donald Parkinson in the Renaissance Revival style. The adjacent buildings were constructed in 1942 and 1960, and the combined structure offers distinctive loft-style living in Downtown L.A.'s South Park neighborhood.