Built at a cost of $55 million, the L Street Lofts comprise 92-units ranging in size from 700 square feet to 2,092 square feet. Each unit features floor-to-ceiling windows, solid wood floors, European cabinetry and other high end finishes. The property also includes 5,800 square feet of street level, which is currently 91 percent leased by Wahoo’s Fish Tacos and a local dental practice.
The L Street Lofts were originally planned by a local developer to take advantage of a strong luxury condo market in Sacramento. Unforeseen delays in the development process resulted in the eight-story building being delivered to market in 2008, just when the economy started to sour, according to Karlin Real Estate’s Managing Director Larry Grantham.
Clippinger acquired the remaining 67 unsold units at the high-end residential tower out of foreclosure in May 2012 for an attractive price. Since that time, the majority of the units have been sold or leased up.
“Despite an improving ‘for-sale’
About Karlin Real Estate
Karlin Real Estate (http://www.karlinre.com) is a Los Angeles-based real estate investment firm. With more than $1.5 billion in unleveraged capital under management, Karlin Real Estate focuses on acquiring value added commercial properties, bundled assets as well as performing and non-performing debt secured by real estate. Through its dedicated debt platform, Karlin has also provided more than $370 million in senior and mezzanine financing for the acquisition and refinancing of opportunistic and transitional real estate assets throughout the United States. Karlin Real Estate is an affiliate of private investment firm Karlin Asset Management.