Hotel Solaire In Los Angeles Sold For $18M, To Be Converted Into Permanent Housing
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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
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- Location1710 W 7th St, Los Angeles, CA, USA
- Sale Price$18,000,000$486 PPSF
- Area37,008 SF
- Asset TypeMultiFamily
- Parties1 Broker, 1 Agency
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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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