A humble century-old apartment building in the shadow of the Ritz-Carlton hotel has sold for more than $3 million as the neighborhood around Staples Center in downtown Los Angeles proves to be a magnet for investors.
Los Angeles real estate investment firm TRG plans to turn the three-story brick building at 916 Georgia St. into small apartments it calls “micro lofts.”
The small units are intended to house people who work in downtown's burgeoning bar and restaurant scene but can't afford much of the housing in the neighborhood, TRG Principal Reuben Robin said. He decided on that strategy after chatting up numerous waiters, bartenders and other hospitality workers.
“They want to be close to work but can't afford high-rise prices,” he said. Monthly rents at the Georgia Street building will probably be $1,200 to $1,700 when the makeover is complete early next year, he said.