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Historic Lofts on Sale Block

LOS ANGELES-The transaction is expected to be the largest single-apartment loft-conversion sale in L.A. since the Adaptive Reuse Ordinance was enacted in 1999.

By Carrie Rossenfeld | Updated on March 19, 2013

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.

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