It took several years longer than expected, with the transformation of a 1920s-era Angeleno Heights brick apartment building into a high-end residential development delayed by the recession, lawsuits, a bankruptcy filing and a change of ownership. Now, after new owners took over and finished construction, apartments in the Bellevue Lofts, a 55-unit building located between the Bellevue Avenue and the 101 Freeway, are up for lease, with rents ranging from $1,300 for a studio apartment to $2,200 for two-bedroom units, according to a Craigslist ad.
Lion Real Estate Group, which purchased the three-story building earlier this year after the previous owner filed for bankruptcy last September, said it would pump about $14 million to finish the project, including the construction of a new parking garage.
The bankruptcy filing and halt of construction were part of an ongoing saga that saw numerous delays and a legal struggle between the previous owner and tenants in the Angeleno Heights building. After gutting and carving the interior into loft-style units, the previous owner had been asking as much as a million dollars for penthouse units with views of the downtown skyline–as well as the adjacent Hollywood Freeway.
But a Lion Real Estate officials said that apartments seem to make more sense at this time.
What to expect at Bellevue Lofts, where a one-bedroom will set you back $1,600 a month? Lots of exposed brick, marble counter tops and, in some units, rooftop terraces with a downtown view.