An eight-story multifamily property near the outskirts of downtown has sold for $17.5 million.

The property, known as The Mint, is located at 1136 W. 6th Street and has 42 units.

A real estate investment firm sold the property to a local investor. Kidder Mathews’ Janet Neman and Angelica Gotzev represented the seller in the transaction.

Neman said The Mint was the seller’s last property in California. The seller, she said, was planning to leave the state.

The buyer, meanwhile, has other properties in the area.

The Mint was built in 1923 as an office building. In 2016, more than $12 million was spent renovating it, including structural upgrades and seismic retrofit and plumbing work.

Neman said the property now has “very nice apartments” and “the rents were good, the tenancy was great and it’s a good location with parking and all the amenities.”

She added that the property’s location near both downtown and Koreatown “was phenomenal.”

The deal closed before Measure ULA went into effect. Measure ULA, also known as the “Mansion Tax,” imposes a transfer tax on all types of properties that sell for more than $5 million, not just mansions.

“They closed before April 1 and ULA,” Neman said. “The seller did the financing in order for that to happen … the deal was made and was subject to closing before ULA.”

Neman said she saw a lot of property sales attempting to close before ULA went into effect.

“It’s the reason most of the sellers closed (on properties recently), to beat ULA,” Neman said. “It breaks sellers financially as far as profit is concerned or even breaking even. It’s a huge tax.”

Measure ULA taxes properties that sell from $5 million to $10 million at a rate of 4% and properties that sell for more than $10 million at a rate of 5.5%. Money raised from the tax will finance affordable housing projects.

Since the tax took effect on April 1, Neman said she has seen a “slowdown” on real estate transactions, which she expects to continue.

“The taxes that are being enforced, it has changed the market, it has changed the way anybody buys and sells real estate.”

Buyers and sellers, she added, have to factor the tax into their financial projections and decisions going forward.

“ULA has made a domino effect on the real estate market,” she said.

Neman called it a “nosedive market now,” adding that “only the people who have to sell are selling.”