Multifamily Property Near Staples Center Sold To Waterton

Planned improvements include the conversion of 2,400 square feet of the retail space into 110 resident storage units and 'improved in-unit technology access'
Multifamily Property Near Staples Center Sold To Undisclosed Buyer
Rendering: Official

Walker & Dunlop, Inc. announced Monday that it completed the sale and financing for Olive DTLA — stylized as “OLiVE” — to Waterton for an undisclosed sum. The 293-unit multifamily property was completed in 2016. The seven-story building is located in the South Park neighborhood, at 1243 S. Olive St., near L.A. Live, the Staples Center, Microsoft Theatre, and the Novo.

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“Olive DTLA is a well-designed, well-amenitized community in the desirable south park neighborhood of DTLA,” Peter Kuzma, senior vice president, acquisitions at Waterton, said in a prepared statement. “We believe the diversified economy and business presence will continue to attract an affluent and educated renter base and the community will provide that sought-after ‘live-work-play’ rental experience when COVID-19 vaccines allow for more normalized lifestyles.”

The property currently features a pool, a fitness center with Peloton bikes, a rooftop sundeck, an outdoor theatre, grilling stations, and a fire pit. The community offers studios and one- and two-bedroom units, as well as loft-style apartments with floor-to-ceiling windows. Finishes include stainless steel appliances, quartz countertops, and in-unit washers and dryers. Planned improvements include the conversion of 2,400 square feet of the retail space into 110 resident storage units and “improved in-unit technology access.”

“This asset is in excellent physical condition making it an attractive rental option in the heart of the city,” Kuzma said. “While the pandemic has caused near term softness in the Los Angeles market, long-term fundamentals remain strong as downtown Los Angeles continues to benefit from outsized population, employment, and cultural growth.“

Waterton has made several acquisitions in recent months. Last week the company announced it added The Vue to its portfolio. The San Pedro waterfront property is slated for a renovation and will be converted from condos to apartments. In Atlanta, the company nearly tripled its local footprint with the addition of four properties in the east coast market.

[Editor’s note: this article was updated with comments from Waterton Monday.]

Caleb J. Spivak

Caleb J. Spivak

Caleb J. Spivak

Caleb J. Spivak

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