AHF buys historic Insurance Exchange in DTLA for $21M

Nonprofit aims to convert 12-story office building into 251 affordable apartments

The AIDS Healthcare Foundation has paid $21.25 million for a historic office building in Downtown Los Angeles it wants to convert into 251 affordable apartments.

The Hollywood-based nonprofit, through its Healthy Housing Foundation subsidiary, bought the 12-story Insurance Exchange Building at 318 West 9th Street, KTLA5 reported. The seller was undisclosed.

The 124,400-square-foot building, to be called Angel Tower, would provide housing for homeless residents and extremely low-income tenants.

The 99-year-old Insurance Exchange at 9th and Olive streets would be the first office building redeveloped by AHF. It would add to 13 other SRO hotels and motels the agency has bought or renovated for housing since 2017, the organization said.

“The building’s ‘U’ shape lends itself well to adaptive reuse for housing as it makes it easier for our architects to ensure that all units created have ample windows for access to natural light and ventilation,” Michael Weinstein, president of AHF, said in a statement. “

The Healthy Housing Foundation has spent more than $183 million on the purchase and renovation of older properties in Los Angeles, including the King Edward Hotel, the Barclay Hotel and the Sinclair LA.

If Angel Tower is approved for an office conversion, AHF will have amassed 1,666 affordable rental housing units across the city.

The Insurance Exchange Building, built in 1924 by father and son architects Curlett & Beelman, had been mostly leased by tenants in the garment industry. The brick and stone building, with external fire escapes, has tall arched windows between the second and third floors.

The unidentified seller was represented by KW Commercial and Anvers Capital Partners, according to Loopnet.

This month, AHF was accused of improperly fostering ties with Los Angeles Councilman Kevin de León, just before he took office.

In October 2021, AHF bought the 155-room Barclay Hotel for undisclosed terms, which it aimed to turn into housing for homeless residents.

Source: therealdeal.com