Over 250 Affordable Apartments Now for Rent at Historic Rosslyn Lofts in Downtown L.A.

LOS ANGELES, CA--(Marketwire - July 1, 2009) - With desirable features like modern kitchenettes, all-new fixtures, exposed brickwork, finished concrete floors and free high-speed Internet access, over 250 affordable Micro-Lofts® hit the market today at Rosslyn Lofts in downtown L.A.

This badly needed influx of quality, affordable apartments in the city's historic district is the fruition of a $20 million renovation carried out by Rosslyn Lofts Housing Partners L.P., which purchased the former Rosslyn Hotel in October 2007 for $24.5 million with the intent of transforming it into a residential building that would cater to the city's underserved downtown workforce. Built by the Hart brothers in 1913, the concrete-and-steel building at 451 S. Main Street was known for decades as the "Rosslyn Million Dollar Fireproof Hotel." Frequently featured in both Hollywood and international films, it was designed by John Parkinson, architect of Union Station, City Hall and the LA Coliseum.

"The Rosslyn Lofts offers much-needed quality workforce housing to our community. We have worked hard to promote the development of housing at all levels and this model of mixed-income housing supports this important goal," said Los Angeles Councilwoman Jan Perry.

"We are excited and proud of the product we are delivering to this market," said Jules Arthur, a principal at San Diego, Calif.-based The Amerland Group, which partnered in the development with Paul Buxbaum, chief executive officer of Buxbaum Group, a turnaround investing and consulting firm based in Agoura Hills, Calif.

"This project is unique for a number of reasons," Arthur continued. "With the structure's interior basically gutted, we are offering totally new units while also retaining the flavor of this historic building's renowned early-20th century architecture. And unlike some developments -- in which, say, only 20% of the units are affordable -- Rosslyn Lofts has a true mix of incomes. It is not unlike the mixed-income housing developments that are common in New York City."

Of the 297 total units at Rosslyn Lofts, 259 qualify as affordable housing -- targeting households earning between 35% and 60% of the Los Angeles area's median income. The 38 larger units on the building's top three floors have all been rented at market rates. Rents on the affordable units range from $484 to $832 for spaces of 200 square feet to 325 square feet. All utilities are included, along with free, hard-wired, high-speed Internet access.

With controlled access, all apartments include newly equipped kitchenettes, all-new plumbing and electrical wiring, large closets, new bathroom fixtures and window treatments, heating, finished concrete flooring, exposed brickwork, and ceiling fans. Units are also wired for phone and cable access. Select floor plans include sweeping city views. The building's spacious lobby provides a comfortable meeting area for residents, and the retail space beneath includes several art galleries. Other amenities include on-site laundry facilities.

The renovation incorporated "smart building" technology and alternative-energy sources where possible, and the partners restored and relit the historic neon sign that reads "The Rosslyn Million Dollar Fireproof Hotel" atop the building.

The Rosslyn Lofts are located in the heart of historic downtown L.A., an emerging cultural hub that has experienced a renaissance in recent years, with numerous office buildings being converted to luxury lofts, and a plethora of new art galleries, eclectic restaurants, hip bars and renovated historic theaters -- including the Orpheum, home of "American Idol." Other points within close proximity include City Hall, The Staples Center, The Standard Hotel, Union Station, the USC Campus, and Olvera Street.

"With numerous galleries and the Museum of Contemporary Art nearby, and the downtown's monthly Art Walk passing right by our building, The Rosslyn Lofts is ideal for anyone who has a passion for art," said Arthur.

The building is also in walking distance of the downtown's new financial district and just three blocks from the Pershing Square metro station. For those with cars, the site is convenient to major freeways and limited parking is available in the building's underground parking deck.

The trend toward revitalizing downtown cores with loft and condominium developments has taken a hit nationwide as a result of the economic downturn and credit crisis. According to Arthur, downtown L.A. had made significant progress with its revitalization efforts, but has continued to offer relatively few options for renters seeking quality housing in the range of $500 to $850 a month -- essentially the middle ground between the city's lower-income single-room-occupancy (SRO) hotels and its upper-income luxury condos.

For leasing information, call (213) 503-6171 or visit www.rosslynlofts.net.