Waterton, a Chicago-based real estate investment and property management company, teamed with Los Angeles-based Kor Group on the renovation of a six-story former hotel less than 2 miles northwest of downtown L.A. Rechristened as The Flat, the mid-century modern building features 205 units all configured as studio apartments.
“These studio apartments are an exceptional value for housing in the downtown area,” said Tina Miserendino, director of marketing for Waterton. “The Flat offers a prime location as well as amenities that give residents access to everything downtown L.A. (DTLA) has to offer. We also provide short-term housing options for consultants who need to be in DTLA for temporary projects, people looking for the energy and convenience of living in the epicenter of downtown, and many others. Given there are not many options for this type of housing, we are addressing a gap for the middle market renter in the DTLA housing market that fills this niche.”
Building amenities include a heated swimming pool with a sundeck, a fitness center, and a yoga room. The resident lounge is Wi-Fi enabled and contains a pool table and a large flat-screen TV. Laundry facilities are provided on each floor, and there’s also covered garage parking and a package receiving area. Units can be rented furnished or unfurnished, with rents ranging from $1,585 to $2,815 a month.
The building was converted from a hotel to apartments in the mid-2000s. Kor and Waterton bought the property in 2014 and started remodeling in 2018. The building is one block from the I-110 freeway with convenient access to the 101 and 5 freeways. It’s also walkable to L.A. Live, Staples Center, and the Los Angeles Convention Center.
