LOS ANGELES, Jan. 10, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Park Wilshire, an eight-story, 170-unit, historic multifamily asset in Los Angeles’ Westlake neighborhood. The property sold for $38.2 million, which equates to approximately $225,000 per unit.
“Park Wilshire is one of just a handful of restored Jazz Age-era buildings left in Los Angeles,” said Joe Grabiec, IPA senior director. “Over the past few years, prior ownership made significant capital expenditures to renovate the common areas, amenities and 82 units to a high-level, luxury specification.” Grabiec, Kevin Green, IPA senior director, and Greg Harris, IPA executive director, represented the seller, a joint venture between MWest Holdings and BentallGreenOak. IPA procured the New York-based buyer, Midwood Investment & Development.
“Westlake is one of the most densely populated urban areas in the country and is arguably Los Angeles’ strongest rental market with approximately 96 percent of residents living in renter-occupied housing,” added Green. “Throughout most of the decade, occupancy has been above 95 percent and is projected to remain at that level into the foreseeable future.” Located at 2424 Wilshire Blvd., Park Wilshire is adjacent to MacArthur Park and about a mile from Downtown and Mid-Wilshire/Koreatown, home to 72 million square feet of combined office space. The Westlake/MacArthur Park Metro station is nearby and the 110 and 101 freeways are within 1.5 miles.
“Centered between two of Los Angeles’ most dynamic neighborhoods, Park Wilshire provides residents with convenient access to some of Los Angeles’ largest employers,” commented Harris. Built in 1924, the building blends original Italian Renaissance Revival details with high-end contemporary amenities. Park Wilshire has marble floors, crown moldings, floor-to-ceiling arched windows, and ornamented ceilings. The unit mix features five floor plans and a mix of studio, one- and two-bedroom apartments. A 14,002-square-foot parking lot behind the building is zoned for the development of up to 60 apartments.
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With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.