Urban Partners, in joint venture with Kennedy Wilson purchased 167 condominium units and 18,694 square feet of retail in Santee Village in downtown Los Angeles in 2010.
Santee Village is comprised of three buildings located at the northern end of the fashion and garment district and is designated as a local historic monument, representing a substantial value-add investment opportunity for the partnership. Originally built by business tycoon Michael J. Connell in the 1910′s, the building was 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 to 10 to 14 ft. vaulted ceilings. The buildings share a central courtyard with neighboring Santee Court apartments, providing a unique focal point for the community.
The acquisition marks the third partnership between Kennedy Wilson and RECP/UP Partners. Debt financing was provided by Deutsche Bank, Mark Tarcynski and Adam Tischer of CB Richard Ellis and they represented both buyer and seller in the transaction.
The joint venture was able to close all 167 condominium units by May 2012.