AIDS organization AHF and its Healthy Housing Foundation, has paid $21.25 million for the acquisition of the historic Insurance Exchange Building in downtown Los Angeles. The group will renovate the property to create housing for the homeless and extremely low-income individuals and rename the building Angel Tower.

“This is the first commercial space that AHF will be reconfiguring as housing,” commented AHF President Michael Weinstein. “The building’s ‘U’ shape lends itself well to adaptive reuse for housing as it makes it easier for our architects to ensure that all units created have ample windows for access to natural light and ventilation.”

Angel Tower will have approximately 250 residences, which would bring AHF’s total number of affordable units in Greater Los Angeles to over 1,600. Some of those projects include revamped older majestic hotels like the King Edward, the Barclay and the Sinclair as well as a mix of former mid-century roadside motels.