Case Studies · Los Angeles

Co-op & TIC-to-Condo Conversion in Los Angeles

Los Angeles is Hutton's most concentrated California market by deal count: three completed conversions, 165 units, all closed within the city. It's also the one California market with its own specific, budgetable municipal cost.

Completed conversions

165

Units converted

Documented case studies below

$1,492

LAMC 12.95.2 fee, per unit

Figueroa Arms Condominiums residential property in Los Angeles

Last reviewed: September 6, 2026

How many conversions has Hutton completed in Los Angeles?

Three: Glenview Condominiums (45 units, closed 2007), Figueroa Arms Condominiums (75 units, closed 2016), and Miramonte Terrace (45 units). Figueroa Arms is the largest and most recent, a South Figueroa Street building that went into its conversion with no lender willing to finance units as a cooperative and $240,000 in unpaid property taxes to resolve; per-unit values moved from roughly $75,000 to $175,000 and Hutton arranged $8 million in funding.

Does Los Angeles charge a fee to convert?

Yes, and it's a specific, published number. Under LAMC 12.95.2, the City of Los Angeles Housing Department charges a $1,492-per-unit condominium conversion fee (current as of January 31, 2025), intended to mitigate the loss of affordable rental housing when a building converts. On a building the size of Figueroa Arms (75 units), that fee alone runs more than $110,000, a real line item that belongs in your feasibility numbers from day one.

What did these Los Angeles conversions actually involve?

Glenview Condominiums, 45 units on Valle Vista Drive, closed 2007 with values moving from $140,000 to $220,000 per unit. Miramonte Terrace, also 45 units, saw values move from roughly $225,000 to $425,000. Both are smaller buildings than Figueroa Arms, characteristic of the Los Angeles co-op and TIC stock we've worked with: dense, older multi-unit buildings rather than large postwar co-op complexes.

Is a Los Angeles conversion a co-op deal or a TIC deal?

It depends on the building, and that's true across California generally. True co-ops are uncommon here, and most Los Angeles multi-unit ownership conversions run through the tenancy-in-common structure rather than a New York-style proprietary lease. We work both structures and determine which applies to your building as part of the feasibility process.

Documented case studies

Los Angeles conversions with a published record

Miramonte Terrace's closing is documented in the registry but has no published case-study page on this site.

75-unit Los Angeles conversion

Figueroa Arms Condominiums

4125 S Figueroa Street, Los Angeles, CA 90037

75 Units

45-unit Los Angeles conversion

Glenview Condominiums

3030 Valle Vista Dr., Los Angeles, CA

45 Units

Track record on this topic

3 completed Los Angeles conversions, 165 units. David Boyajian, Hutton’s Vice President, has directly overseen the conversion of more than 1,000 units from co-op to condominium since 2013 and closed more than $250 million in condominium loans. If your building is in Los Angeles, we’ll build the LAMC 12.95.2 fee into your numbers from the start. A feasibility study costs nothing to find out where you stand.

Ready to talk specifics?

Build the LAMC conversion fee into your numbers from day one

A feasibility study gives your board a real, deal-specific answer, at no cost to start.

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