By Dees Stribling, Contributing Editor
Los Angeles—Construction has been completed on the redevelopment of the Roosevelt, a vintage 1920s office building in downtown Los Angeles. The property is now the Roosevelt Lofts, a 222-unit apartment community.
When the Roosevelt originally opened in 1927, it was the largest office building in southern California. It was partially converted to condos in 2006, leaving 71 units unfinished before falling into bankruptcy in 2008. Greystar Real Estate Partners acquired the property in 2011 for $95 million in a complex off-market transaction, in which the firm purchased the underlying mortgage note and eventually the property through a negotiated bankruptcy reorganization plan.
The company then proceeded with the redevelopment, which involved investing $5 million in a nine-month long construction project to complete the unfinished apartment units and update the building’s amenities. The adaptive re-use project echoes the vibe of the historic building, according to Greystar, providing “boutique hotel-inspired” amenities such as a rooftop pool and lounge; a fitness center with yoga, spin, massage, and tanning; a Zen garden; a business center with conference rooms; and various concierge services. The updated common areas include original murals and artwork by local artists.
“We saw a great opportunity with the Roosevelt Lofts to transform an unfinished, iconic building into high-demand luxury apartments,” Greystar chairman and CEO Robert Faith tells MHN. “We’ve made a big commitment to southern California and to downtown Los Angeles in particular.”
Over the past year Greystar has acquired six California properties comprising 1,151 units with its latest fund, Greystar Equity Partners VII L.P., and is moving forward on over 750 units of ground-up development through various joint ventures throughout the state. Greystar currently manages 10,000 units in California and has offices in Irvine, San Francisco and San Diego.