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Hotel Solaire In Los Angeles Sold For $18M, To Be Converted Into Permanent Housing

1710 West 7th Street
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This MultiFamily property located in CA was sold for $18,000,000 over 3 years ago. The broker of the deal was Sam Liberow

Hotel Solaire, a 3-story hotel located in the Westlake area of Los Angeles, has been sold in a closed transaction for $18,000,000. The property, situated at 1710 W. 7th St., offers 91 individual rooms across approximately 37,008 square feet. The sale price equates to a per unit price of $197,802 and a price per square foot of $486.38.

Summary of Transaction Details:

  • Property Type: Multifamily
  • Transaction Amount: $18,000,000
  • Address: 1710 W. 7th St., Los Angeles
  • Number of Units: 91
  • Price per Unit: $197,802
  • Square Footage: 37,008
  • Price per Square Foot: $486.38

Sam Liberow of the Liberow Group served as the seller's representative in this off-market deal. Despite the challenges faced by the hotel industry during the pandemic, Hotel Solaire was leased out by the City of Los Angeles for homeless housing. The unique buyer involved in this transaction intends to convert the property into permanent housing. The successful completion of the deal showcases the ability of both parties to navigate the uncertain circumstances brought about by the pandemic.

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Deals
  • Location
    1710 W 7th St, Los Angeles, CA, USA1710 W 7th St, Los Angeles, CA, USA
  • Sale Price
    $18,000,000$18,000,000
    $486 PPSF$486 PPSF
  • Area
    37,008 SF37,008 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    1 Broker, 1 Agency1 Broker, 1 Agency

Agent

Sam Liberow

Sam Liberow

Deals93
Sold$555.7M

Agency

Marcus & Millichap

Marcus & Millichap

Agency
Deals6999
Volume$66B

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Deal Summary

SALE IMAGE: @Sam_Liberow DATE: 11/06/2020 ADDRESS: 1710 W. 7th St. MARKET: Los Angeles ASSET TYPE: Multifamily SELLER'S REP: Sam Liberow - @TheLiberowGroup PRICE: $18,000,000 UNITS: 91 ~ PPU: $197,802 SF: 37,008 ~ PPSF: $486.38 NOTE: Hotel Solaire is a charming 3-story Hotel located in the Westlake area, just North of Downtown Los Angeles. With approximately 37,008 square feet, this property consists of 91 individual rooms along with convenient amenities which include a swimming pool, EV car charging stations, and a community room. Despite the state of inoccupancy that hotels found themselves in shortly after the onset of the pandemic, Hotel Solaire was fortunate to be leased out by the City of Los Angeles to be used for homeless housing. Nevertheless, due to the uncertainty that the pandemic regrettably brought on for the Hotel business, we were able to help the seller structure a deal off-market with a unique buyer, which will result in this property being converted into permanent housing. We were thrilled to help both parties navigate through the process, once again resulting in a successful transaction in a challenging time.

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1710 West 7th Street

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