Universal Lofts in Studio City is one of the apartment complexes to turn to the once popular practice of converting to condos. The trend is far below peak in 2007.
Apartment building owners in Los Angeles and throughout California are once again converting to condos, but not at the torrid pace of 2007, when condo conversion peaked before the Great Recession.
The work-live units at Universal Lofts in Studio City, across the 101 Freeway from Universal Studios, were built in 2008 as condominiums. But with the 2007-09 recession underway, developers turned them into apartments. Now the owners are back with plans for condos.
This complex is one of the first to return to the once popular trend, said Shlomi Ronen, managing principal at Dekel Capital, which arranged the refinancing deal. But this property surely won’t be the last, he said…