LOS ANGELES—Vista Investment Group has acquired the Jensen's Recreation Center from Sunset Holding Co. for $15 million in an off-market transaction. The 50,000-square-foot mixed-use property has multifamily units and 21,000-square-feet of ground floor retail and commercial space.

Vista Investment Group plans to spend an additional $1.25 million to renovate the property, upgrading the lobby, entry way and common areas as well as the historic rooftop, which houses the building's original articulating incandescent sign—the last of its kind remaining in the nation. Prior to the purchase, the building's plumbing and electrical units were updated and the hardwood floors were refinished in the interior multifamily units. According to Vista Investment president Jonathan Barach, the property has “so much potential” and is located in “one of the trendiest pockets in Los Angeles.” “We want to fully maximize its true potential, with the help of the Historical Society, the community and our design team so that it becomes and remains an anchor in Echo Park,” Barach tells GlobeSt.com. “This building is so beloved in the community.” Vista assumed the existing debt on the property as part of the transaction.

Located at 1706 Sunset Blvd., the property is a historic building constructed in 1924, and originally included a bowling alley and a billiards room. It was declared a Los Angeles Historical Cultural Monument in 1998. The multifamily portion of the property is 100% leased and has 1-bedroom apartments. The ground floor retail and commercial space is leased to Blue Bottle Coffee and Sage Vegan Bistro.