The Grafton Lofts building (formerly Del Mor Apartments) is located at the Echo Park and Morton Ave fork. They are currently owned by M West Holdings, which is headed by its president, Karl Slovin, who has been in charge since 2003.
In 2013, they acquired Del Mor for 9.275 million, breaking records for a brick building purchase in the Echo Park commercial real estate market.
The building joined a family of other multi-unit apartment buildings across a vast area of Los Angeles. The naming of the building comes at no surprise after a quick glance at their other holdings. M West Holdings has a bit of a love affair with the word ‘lofts’ as seen below, and Grafton is a side street to the south of the building that stretches westward to Lake Shore Ave.
Since the purchase, they have been actively involved in the reshaping of the historic building. Tenants living in the building have said that there has been various construction and remodeling projects in the residential floors, and there has also been well-recorded shifting of the retail spaces below.
Flounce Vintage was not able to come to an agreement with M West Holdings, and was forced to seek a new space a bit eastward on Virgil Ave.
Last week, El Batey was given an eviction notice for not being able to meet a rent increase of 300%.
So as both residential and commercial contracts expire or are terminated, the clear question is, what are the new price tags, as M West Holdings tries to recover its financial investment in the building and area?
Below are the advertised price tags for their residential spaces above the retail, along with a scaled illustration of the floor plans.
Studio Apartment — $1,950
One Bedroom Apartment, Version A — $2,400
One Bedroom Apartment, Version B — $2,600
The 2 bedroom unit’s price is not publicized, but it’s safe to say it’s over $3,000 a month.
So what comes along with the price tag? The amenities advertised are:
- Assigned parking
- On-site maintenance
- Gas, electrical, water, sewer, trash are included
- On-site laundry
Grafton Lofts also boasts about its retail spaces below, mentioning a “trendy little boutique” that is perhaps a reference to the ousted Flounce Vintage.
It also says it is walking distance to restaurants and nightlife, such as the Goldroom, Taix French Restaurant, and Barragan’s, which is now closed.
It’s clear that M West Holdings jumped at the opportunity to invest in up-and-coming Echo Park, but now comes the marketing of the building, and the gaining of the investment through high rents for both residential and commercial units–price tags that the building had never seen before.