The Judson, a Beaux-Arts loft building in Downtown Los Angeles, just changed hands in a reported $14.7 million deal, giving investors one more data point in an uneasy but active multifamily market. The 10-story property at 424 S. Broadway holds 60 loft-style apartments carved out of a 1906 office building, with Kidder Mathews handling the sale for the seller, according to industry reporting.
Sale details
As reported by REBusinessOnline, Kidder Mathews brokered the $14.7 million sale of The Judson, with Darin Beebower and Dakoda Iversen representing the seller. The buyer was not disclosed. The outlet lists the transaction date as March 2, 2026, and identifies the brokers involved. The deal lands as one of several multifamily trades moving through central Los Angeles this year.
Building history and upgrades
The Judson stands at 424 S. Broadway with roughly 74,624 square feet and 60 loft-style residences. Originally constructed in 1906 as an office building, it went through an $11 million adaptive-reuse and gut renovation completed in 2006. David Lawrence Gray Architects led the overhaul, which included full replacement of electrical, mechanical, and plumbing systems, upgraded seismic work, added air conditioning, new decks, and a rooftop spa and garden, according to the building’s marketing materials. Those improvements repositioned the property as a rent-stabilization-exempt loft building targeting market-rate renters.
How it was marketed
Offering materials and MLS listings show that the property hit the market last year with asking prices in the mid-$15 million range, including one campaign that floated a $16.5 million list price before the sale closed. The marketing package leaned on assignable parking rights to the Broadway Spring Center garage and the property’s Mills Act designation as investor-friendly perks, according to Kenny Stevens Team. Brokers also spotlighted the blend of historic character and potential income growth at the unit level in the offering memorandum.
Tax and rent status that matter
Marketing materials note that The Judson benefits from a Mills Act historical property contract, which can significantly trim property tax bills in exchange for meeting preservation requirements. The Mills Act is administered by local planning departments and is one of the City of Los Angeles’s primary preservation incentives. Los Angeles City Planning outlines the program’s basics and the obligations owners take on. That tax edge, combined with the building’s claim of exemption from the Los Angeles Rent Stabilization Ordinance, helps explain why investors pay close attention to downtown conversions like this one.
What this sale signals
The trade highlights continuing investor appetite for well-preserved assets in the Broadway Historic Core, where long-running streetscape and reuse policies have encouraged adaptive-reuse conversions over the past two decades. Public-private efforts and planning initiatives aimed at reactivating Broadway’s upper floors have helped turn older office blocks into housing and retail, tightening competition for historic properties with a clear income story. With the buyer still under wraps, market watchers will be tracking how the new owner navigates preservation obligations, Mills Act benefits, and strategies to bring rents in line with market levels.
