Kennedy Wilson and RECP/Urban Partners Buy Santee Village
Santee Village is comprised of three buildings located at the northern end of the fashion and garment district and are designated as local historic monuments. Originally built by business tycoon Michael Connell in the 1910s, the buildings were purchased in 1998 and underwent a nearly ten year process of restoration and adaptation to residential loft living.
The residences feature concrete floors, oversized industrial windows and 10 to 14 ft. vaulted ceilings. The buildings share a central courtyard with the neighboring Santee Court apartments, providing a unique focal point for the community.
The acquisition marks the third partnership between Kennedy Wilson and RECP/Urban Partners. Debt financing was provided by Deutsche Bank, and Mark Tarczynski and Adam Tischer of CB Richard Ellis represented the buyer and the seller in the transaction.
Robert Hart, president and CEO of multifamily management group at Kennedy Wilson, said: “Santee Village is one of the last opportunities in the current real estate cycle to acquire a condo property in the downtown Los Angeles area.
“Over $15 billion has been invested in downtown Los Angeles in the past dozen years, and while the area has always been the employment, transportation and cultural arts hub of the region, it has now exploded as a tourist destination with approximately 14.6 million visitors each year.”
Will the new purchase commercially benefit the firms?
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