Berkshire Group Nabs DTLA Luxury Apartments
- May 26, 2017
Berkshire Group has purchased Met Lofts, a 266-unit luxury community in the South Park neighborhood of downtown Los Angeles, from CalPERS. The property features over 8,500 square feet of ground floor retail space. This is the company’s second purchase in the LA market in the last year.
Located at 1050 S. Flower St., the seven-story property was completed in 2005 and had an occupancy rate of 93.6 percent last month, according to Yardi Matrix. Property amenities include an open-air courtyard, lap pool, barbecue and cabana area, gym, yoga deck and entertainment space, a game lounge and two other separate resident lounge areas. The units feature stainless steel kitchen appliances, granite countertops, European-style cabinets and built-in closet organizers. Restaurant Broken Spanish and restaurant and wine bar concept BottleRock occupy the full ground floor retail space.
“The acquisition of Met Lofts follows on the heels of Berkshire’s purchase of the iconic One Santa Fe mixed-use project in downtown LA’s Arts District and is further evidence of our strong belief in the continued emergence of downtown Los Angeles as one of the most vibrant urban cores in the U.S.,” said Eric Schrumpf, Berkshire Group senior vice president of multifamily acquisitions, in prepared remarks. “We continue to seek more opportunities for additional investment throughout primary submarkets in Southern California.”
The community has easy access to interstates 110 and 10 and is close to LA Live and Staples Center. The property is one block away from Trumark Urban’s TEN50 luxury community, the first new high-rise condominium project to be completed in downtown LA in a decade.
Image via Google Street View