January 17, 2017
A nearly 90-year-old apartment building in Koreatown is under new ownership and could get a big makeover as a result. Vista Investment Group LLC, a Los Angeles-based firm, has purchased The Ashmont, a 50-unit building, for $8.6 million.
Constructed in 1928, the five-story structure contains a mixture of one-bedroom and studio units and was 90 percent occupied at the time of the sale. According to a press release, its new owners plan to give the historic brick structure a “total facelift,” with updates to the building’s exterior, landscaping, and common areas.
Individual units will be renovated “as turnover allows,” with planned improvements including restoration of the original hardwood floors and the addition of shaker cabinets, stainless steel appliances, quartz countertops, and new bathroom fixtures.
Vista’s purchase also includes a 33-car gated parking lot next to the building. As a listing for the structure notes, the lot could easily be redeveloped into housing, with the land it sits on zoned for a multifamily project with up to 22 units. It’s unclear at this point what Vista’s plans are for the lot.
The investment firm is also working on the restoration of a few other Los Angeles properties, including Jensen’s Recreation Center in Echo Park. Vista plans to upgrade the 1924 building’s residential facilities, as well as restoring the recognizable 17-by-28-foot articulating sign that sits atop the structure.