C
reative Media & Community Trust has transformed the top floors of a Mid-Wilshire office building into luxury apartments. The Dallas-based real estate investment trust, part of CIM Group, converted two upper floors of a three-story building at 4750 Wilshire Boulevard into 68 apartments, with a residential entrance on South Hudson Avenue. The ground floor's 30,000 square feet will remain offices.

    The project, dubbed 701 Hudson, features studio, one- and two-bedroom apartments with high ceilings, modern fixtures, and in-unit laundry facilities. Amenities include a lap pool, landscaped courtyard, community lounge, children's playroom, fitness center, yoga rooms, and coworking space. New tenants can receive up to two months of free rent.

    Rents range from $2,799 for a studio to $8,884 for a two-bedroom apartment. The office-to-home conversion is part of the REIT's investment in luxury apartments and offices in high-barrier markets. Kanden Realty & Development, Taisei, and an unnamed institutional investor also have stakes in the project.

    Creative Media & Community Trust owns 27 properties, including 13 office buildings and a hotel in Northern California. The company had a net loss of $9.7 million in the second quarter, compared to a loss of $23.8 million a year earlier.