LOS ANGELES–Private investment group TRG has purchased a 100-year-old apartment building near LA Live and the planned Farmers’ Field in downtown Los Angeles for $3.05 million with plans to redevelop the property as luxury micro-loft units.

The three-story, 18,000-sq.-ft. building, is located at 916 Georgia Street near the intersection of Figueroa Street and Olympic Boulevard. It is immediately adjacent to a $200 million hotel and entertainment development for Marriott now under construction, one block north of LA Live.

TRG, a Los Angeles-based investment firm with a portfolio of more than 600 multifamily units in Southern California, will invest an additional $1 million to update the building. When completed in March 2014, the building will feature 29 lrental units with an average size of 600 sq. ft..

The acquisition is the first in TRG’s plans to invest up to $50 million in market rate housing in downtown Los Angeles over the next 12 to 18 months. The firm is expecting to close on an additional 68 units in downtown Los Angeles within the next 60 days.

TRG was represented by Guillermo Ma, senior investment associate with Concord Real Estate Services.