Colliers Brokers ±$10 Million Multifamily Real Estate Acquisition of Oviatt Apartments in Downtown Los Angeles

LOS ANGELES — Colliers announced the sale of the Oviatt Apartments, located at 1315 S. Flower St. in the South Park submarket of Downtown Los Angeles, for approximately $10 million. The multifamily real estate acquisition is described by Colliers as the only transaction over the past year involving a 25-plus-unit, 1940s-era multifamily asset in downtown Los Angeles — underscoring both the scarcity of comparable trades and continued investor interest in value-add opportunities in high-barrier urban markets.

The Colliers team represented the seller, 1315 South Flower, LLC, and a private buyer. The buyer is described as a new-to-market investor entering the Southern California multifamily market.

Deal Terms and Pricing

The transaction closed on an accelerated timeline, featuring a three-week due diligence period and a one-month close. Colliers described the deal as achieving a record-setting basis of approximately $80,000 per single room occupancy (SRO) unit and $800 per square foot of land.

The Oviatt Apartments were built in the 1940s. Colliers characterized the acquisition as a value-add opportunity, noting "near-term operational challenges" alongside the asset's location and pricing basis as key factors in the transaction.

"What made this transaction particularly compelling was the opportunity to bridge a disconnect between market perception and underlying fundamentals," said Kitty Wallace, Vice Chair at Colliers. "Despite near-term operational challenges, the asset's irreplaceable location and basis allowed us to position it effectively to a buyer who could capitalize on both stabilization and long-term upside."

South Park Location and Demand Drivers

The Oviatt Apartments are situated one block from the Los Angeles Convention Center and Crypto.com Arena, and in proximity to L.A. Live, the Fashion District, and a growing concentration of adaptive reuse office-to-residential conversions. Multiple Metro lines providing regional connectivity also serve the immediate area.

Colliers noted that the property's amenity-rich, transit-oriented location continues to attract a diverse renter base supported by entertainment, hospitality, and employment anchors in the urban core. South Park is characterized in the release as a submarket with a concentration of institutional-quality assets, transit accessibility, and proximity to key economic drivers.

The buyer's entry into the market reflects, according to Colliers, "strong conviction in downtown Los Angeles' long-term recovery, institutional demand drivers, and transit-oriented positioning."

Market Context

While downtown continues to face near-term leasing and perception headwinds, Colliers noted that the broader Los Angeles multifamily market shows signs of stabilization. Vacancy has held relatively flat, and rent growth is showing early signs of stabilization following recent volatility, according to the firm.

Colliers described downtown Los Angeles as increasingly viewed through a long-term lens by investors, particularly as pricing resets create what the firm characterized as attractive basis opportunities relative to replacement cost. The South Park submarket, in particular, is positioned for potential outsized recovery as capital re-enters the market, according to the firm's assessment.

About the Transaction

Colliers is a global commercial real estate services firm. The Los Angeles-based team facilitated the Oviatt Apartments transaction, representing the seller and the private buyer. The deal was announced May 21, 2026.

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Sources: Colliers — Value-Add Investor Acquires South Park's Oviatt Apartments for ±$10 million