Rare opportunity to acquire The Mint, a 42-unit luxury-boutique apartment community, not subject to Los Angeles city rent control, located in the highly desirable City West neighborhood of DTLA. The Property underwent an expansive renovation in 2016, costing over $12 million. The renovation includes expansive system upgrades such as electrical, plumbing, roof, elevator, and new windows along with extensive foundation, seismic retrofit work, and structural upgrades. The Property is equipped with numerous amenities including a fitness center, a rooftop terrace with sweeping city views and a grill, a business center, a game room, lounges, key-fob controlled access, and more. The Property features a strong unit mix of spacious and beautifully designed units including (8) studios, (16) 1+1, (7) 2+1 and (11) 2+2 units. interiors include 9' to 10' ceilings heights, open floor plans, in-unit washer and dryers, in-unit security systems, central air conditioning, and more. All units include luxury finishes, stainless steel appliances, beautifully designed kitchens and bathrooms, stone countertops and tile backsplashes, and exposed concrete walls and polished concrete floors. Additionally, the Property has potential to qualify for tax abatements under the Mills Act, which will reduce the overall annual tax burden. The Property boasts a 95 out of 100 Walk Score "A Walker's Paradise" and a 99 out of 100 Transit Score "A Rider's Paradise." Tenants are in an amenity rich location and are conveniently within walking distance to an array of critically acclaimed restaurants, trendy bars and nightlife, shops, and entertainment venues. Also, the Property is centrally located 5 blocks from the Downtown Financial District, one of Los Angeles' most dominant employment hubs, and tenants. The Mint represents a rare opportunity for an investor to acquire a turnkey, fully renovated boutique apartment community in one of the strongest and most vibrant markets in Los Angeles.
Courtesy of Kidder Mathews of California, Inc., Janet Neman,
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Data last updated 3/27/23