Renters Snatching Up Affordable Downtown Los Angeles Apartments at Rosslyn Lofts, as Leasing Activity Exceeds Expectations
| Source: Amerland Group
LOS ANGELES, CA--(Marketwire - October 20, 2009) - With more than 160 of its affordable Micro-Lofts® leased in just three
months and applications pending on another 38 units, the window of
opportunity to find a home at the Rosslyn Lofts at 451 S. Main Street in
downtown L.A.
is closing. All affordable
apartments at fully renovated former hotel building offer desirable
features like modern kitchenettes, all-new fixtures, exposed brickwork,
finished concrete floors, and free utilities and high-speed Internet
access.
"Leasing activity has absolutely exceeded our expectations since the time
our 250 affordable units hit the market in early July; the phones have been
ringing off the hook," said Jules Arthur, a principal at San Diego-based
The Amerland Group, which partnered in the development with Paul Buxbaum,
chief executive officer of Buxbaum Group, a turnaround investing and
consulting firm based in Agoura Hills. "Rosslyn Lofts has clearly struck a
chord with people seeking hip, yet affordable, housing in a convenient
downtown setting."
To date, residents signing leases for the renovated units include artists;
retirees; employees of downtown offices, retail stores and restaurants;
municipal workers; as well as graduate students and part-time undergraduate
students. Tenants range in age from 18 to 73.
Among the 297 apartments at Rosslyn Lofts, 259 qualify as affordable housing
-- targeting households earning between 35% and 60% of the Los Angeles
area's median income. The 38 larger units on the building's top three
floors have all been rented at market rates. Rents on the remaining
affordable Micro-Lofts® range from $789 to $832, including all utilities
and hard-wired, high-speed Internet. The remaining units that are being
released are located on the higher floors, many with sweeping views of the
city.
"Unlike some developments in which approximately just 20% of the units are
affordable, Rosslyn Lofts will offer a true blend of incomes along the
lines of the mixed-income
housing developments commonly found in New York City," Arthur noted.
All apartments in the controlled access building include newly equipped
kitchenettes, all-new plumbing and electrical wiring, large closets, new
bathroom fixtures and window treatments, finished concrete flooring,
exposed brickwork, heating, and ceiling fans. In addition to Internet
access, all units are wired for phone and cable access. Select floor plans
include sweeping city views. The building's spacious lobby provides a
comfortable meeting area for residents, and the retail space beneath
includes several art galleries. Other amenities include on-site laundry
facilities.
This badly needed influx of quality, affordable housing in the city's
historic district is the fruition of a $20 million renovation carried out
by Rosslyn Lofts Housing Partners L.P., which purchased the former Rosslyn
Hotel in October 2007 for $24.5 million with the intent of transforming it
into a residential building that would cater to the city's underserved
downtown workforce. Built by the Hart brothers in 1913, the
concrete-and-steel building was known for decades as the "Rosslyn Million
Dollar Fireproof Hotel." Frequently featured in both Hollywood and
international films, it was designed by John Parkinson, architect of Union
Station, City Hall and the LA Coliseum.
In addition to the aforementioned features, the renovation incorporated "smart building"
technology and alternative-energy sources where possible, and the new
owners restored and relit the historic rooftop neon sign that reads "The
Rosslyn Million Dollar Fireproof Hotel."
The Rosslyn Lofts are located in the heart of an emerging cultural hub that
has experienced a renaissance in recent years, with numerous office
buildings being converted to luxury lofts, and a plethora of new art
galleries, eclectic restaurants, hip bars and renovated historic theaters
-- including the Orpheum, home of "American Idol." Other points within
close proximity include City Hall, the Museum of Contemporary Art, The
Staples Center, The Standard Hotel, Union Station, the USC Campus, and
Olvera Street.
The building is also in walking distance of the downtown's new financial
district and just three blocks from the Pershing Square
metro station. For those with cars, the site is convenient to major
freeways and limited parking is available in the building's underground
parking deck.
The trend toward revitalizing downtown cores with loft and condominium
developments has taken a hit nationwide as a result of the economic
downturn and credit crisis. According to Arthur, downtown L.A. had made
significant progress with its revitalization efforts, but has continued to
offer relatively few options for renters seeking quality housing in the
range of $500 to $850 a month -- essentially the middle ground between the
city's lower-income single-room-occupancy (SRO) hotels and its upper-income
luxury condos. "Rosslyn Lofts helps fill that critical void," he concluded.
For leasing information, call (213) 503-6171 or visit www.rosslynlofts.net.