BERKSHIRE GROUP PURCHASES MET LOFTS
266-Unit Luxury Apartment Building in Downtown Los Angeles
BOSTON, MA — May 24, 2017 — Berkshire Group announced the purchase of Met Lofts in Los Angeles, California. The 266-unit luxury multifamily property is located in the South Park neighborhood of downtown Los Angeles and features over 8,500 square feet of ground floor retail space. This was the second purchase in the Los Angeles market by the company in the last year.
“The acquisition of Met Lofts follows on the heels of Berkshire’s purchase of the iconic One Santa Fe mixed-use project in downtown LA’s Arts District and is further evidence of our strong belief in the continued emergence of downtown Los Angeles as one of the most vibrant urban cores in the U.S.,” noted Eric Schrumpf, Senior Vice President, Multifamily Acquisitions, Berkshire Group. “We continue to seek more opportunities for additional investment throughout primary submarkets in Southern California.”
Met Lofts features an open air courtyard and a lap pool, open-air gym, yoga deck and an outdoor entertainment area with a movie projector. Other amenities include a Game Lounge, BBQ/Cabana area and two separate resident lounge areas. The apartment homes feature stainless steel kitchen appliances, granite countertops, European-style cabinets and built-in closet organizers. The retail space is completely occupied by the high-end restaurant Broken Spanish and wine bar/restaurant concept BottleRock.
About Berkshire Group
Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience in disciplines including acquisitions, portfolio and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of December 31, 2016, Berkshire Group had approximately $7.1 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshire-group.com.