Berkshire Residential Sells Los Angeles Mixed-Use Property
- Mar 30, 2020
One Santa Fe, a mixed-use, core-plus apartment community in the Arts District of Los Angeles, has been acquired by a Canadian institutional investor. The seller of the property was Berkshire Residential Investments, for which JLL marketed the property.
The property is the final tranche of a 13-property multifamily housing portfolio marketed by JLL on behalf of Berkshire Residential Investments. Sale of the other dozen properties, across Charlotte and Raleigh-Durham, N.C.; Atlanta; Nashville, Tenn.; Dallas; and Houston, and totaling 3,904 apartments, was announced in July 2019.
Situated at the center of one of LA’s hippest enclaves at the corner of South Santa Fe Ave. and East Third St., One Santa Fe is a 438-unit apartment community completed in 2015. Featuring studio, one- and two-bedroom apartments, the property also includes 81,000 square feet in retail space. That space is tenanted by The Yards at One Santa Fe, offering an array of boutiques and restaurants set among landscaped walkways.
Among the apartments’ features and finishes are granite countertops, European-style cabinets, in-unit washers and dryers, high-speed Internet access and balconies. A zero-edge swimming pool heads the list of common-area amenities at One Santa Fe.
The central location is convenient to several rail lines. The property is within minutes of a number of recreational amenities including Hollenbeck Lake, Vista Hermosa Natural Park and Echo Park Lake. It is also minutes from three different colleges.
Managing Director Blake Rogers headed the JLL Capital Markets team representing the seller for the portfolio’s LA tranche. Rogers was joined in the effort by Managing Director Matthew Lawton and Senior Managing Director Sean Deasy.
Last October, Berkshire appointed a new CEO.