VITAL STATISTICS
HOTEL TO APARTMENT BUILDING TRANSFORMATION
1044 N. Soto St., Los Angeles
Deal Value: $35.1M
The property at 1044 N. Soto, a brand-new construction project in East Los Angeles sold by the Liberow Group of Marcus & Millichap is a significant hospitality deal. Originally intended as a short-stay hotel, the property was successfully transformed into an apartment building for low-income housing for seniors through specific updates and renovations. When the Housing Authority of the City of Los Angeles approached The Liberow Group seeking additional properties, the team was committed to explore all possibilities within their extensive developer database. The team identified 1044 N. Soto St. as an option. The property had 85 rooms and 61 parking spaces, which catered to travelers and business executives seeking short-term stays. The building boasted numerous amenities such as a gym, deck, pool, spa, lobby/breakfast area, laundry room, employee break room, and office.
As a result of the Liberow Group’s persistent efforts, the developers eventually embraced the proposed concept, which required a conversion of the property from a transient occupancy (maximum occupancy to 30 days or less) to a non-transient occupancy. This would allow tenants to stay to occupy this property like an apartment building.
