424 S Broadway, also known as The Judson, is a historic 60-unit multifamily property located in the Broadway Theatre District of Downtown Los Angeles. The property sold for $14,750,000, marking the first adaptive reuse apartment sale in DTLA in nearly 3 years.
Historic buildings in Downtown Los Angeles are easy to appreciate and harder to underwrite. That was the central issue with The Judson. The asset had scale, architecture, modernized interiors, Mills Act tax savings, and exemption from City of LA rent control. But in a selective capital market, buyers still needed a clear reason to move forward.
The sale required more than relisting the property. It required reframing how buyers understood the building.
The Judson was originally built in 1906 and restored in 2006, preserving its Beaux Arts character while updating the building for modern apartment use. The property includes loft-style units averaging over 1,000 SF, oversized windows, polished concrete floors, updated kitchens, and a full amenity package including a rooftop sundeck, spa, fitness center, recreation room, controlled access, 2 elevators, and private storage.
The building also benefits from Mills Act tax savings and operates outside City of LA rent control, two details that materially affect how ownership and cash flow are evaluated.
On paper, those are strong fundamentals. In practice, they still had to be presented in a way buyers could understand. DTLA carries its own perception issues, and historic adaptive reuse assets require a more thoughtful explanation than standard apartment inventory.
Before Berger & Associates became involved, the property had already been listed with another experienced multifamily team. The building was strong, but activity had been limited. Ownership wanted a relaunch that did not simply put the asset back in front of the same audience with the same story.
The strategy was to reposition 424 S Broadway around the pieces that mattered most to serious buyers.
That meant leading with the building’s real advantages: 60 units of scale, historic character, modernized systems, large loft-style interiors, rent control exemption, Mills Act tax savings, and parking rights through the adjacent Broadway Spring Center garage.
The goal was not to make The Judson sound simpler than it was. The goal was to make the complexity easier to understand.
For buyers looking at DTLA, the question was not whether the building was impressive. It was whether the income, tax structure, regulatory position, and long-term location story could justify the investment. The relaunch focused on answering that question directly.
The approach treated The Judson the way a high-end property should be treated: with stronger presentation, clearer narrative, and a more intentional buyer conversation.
That did not mean making the story flashy. It meant giving the asset the level of attention its architecture and history deserved.
The Broadway Theatre District is not a generic apartment location. It is one of Downtown’s most recognizable historic corridors, with a mix of theaters, adaptive reuse buildings, restaurants, galleries, and creative office conversions. The Judson’s story had to connect that location with the building’s actual operating advantages.
The marketing needed to help buyers see the full picture: not just a historic building in DTLA, but a restored 60-unit apartment asset with tax savings, rent control exemption, larger loft-style units, and amenities that remain competitive against newer construction.
The Judson was never going to be a commodity apartment sale.
Adaptive reuse assets attract a narrower buyer pool. Some buyers love the architecture but struggle with DTLA. Others understand Downtown but prefer simpler buildings. Some focus on yield and miss the long-term value of the tax and regulatory position.
The right buyer needed to understand all of it together.
That is where the relaunch mattered. By clarifying the story and presenting the property around its true strengths, the process helped bring the right buyer into focus. The sale ultimately closed at $14,750,000, giving ownership a clean outcome after the prior listing effort had failed to generate the needed traction.
The sale of 424 S Broadway came down to more than architecture. The Judson combined 60 units, a restored historic building, large loft-style interiors, Mills Act tax savings, exemption from LA rent control, parking rights, and a location in the Broadway Theatre District.
Those strengths were already there. The work was in helping buyers understand how they fit together.
For owners of unique Los Angeles multifamily assets, this sale is a reminder that presentation matters most when a property is not easy to categorize. The right story does not replace underwriting. It helps buyers underwrite the asset more clearly.
424 S Broadway
3 years
$14,750,000
If you’re evaluating options for your property, we’re available to talk through value, timing, and current buyer sentiment. The goal is clarity, not commitment.
