BLDG Partners has purchased 52 remaining live-work units at the Universal Lofts complex in Studio City in a $39 million acquisition, according to the Real Deal.
Situated opposite Universal Studios at 3450 Cahuenga Blvd., Universal Lofts spans 12 mid-rise buildings with four to seven units per edifice. Dual zoning at the locations allows tenants to live and work there.
Andrew Levant of Kennedy Wilson represented the buyer. Ilan Moshe at AMI brokered on behalf of the seller in-house.
Originally built by AMI Real Estate, the 67-studio site has sold 15 units since its 2009 opening while leasing the other spaces at an average of $5,000 per month for about 2,000 square feet.
Currently working on The Sevens, described online as a slate of contemporary homes in the Park Mile district of Hancock Park, Los Angeles-based BLDG Partners has developed multifamily largely on L.A.’s eastern realm in such communities as El Monte, Bellflower, Montebello and Glendora.