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Multifamily

Park Wilshire

Los Angeles, CA

170 Units

Built in 1924

Value Add

Investment Highlights

  • PREMIER WILSHIRE BOULEVARD LOCATION: Park Wilshire is located along Los Angeles' premier thoroughfare, Wilshire Boulevard, boasting outstanding walkability with a Walkscore of 93. The asset is centered between two of Los Angeles' most dynamic neighborhoods, Mid-Wilshire/Koreatown and Downtown, well-positioned for future growth.
  • RARE HISTORIC ASSET: Originally constructed in 1924, Park Wilshire has become an iconic one-of-a-kind landmark in the Westlake neighborhood and is one of only a handful of restored jazz-aged buildings left in Los Angeles. Furthermore, the Property currently benefits from the Mills Act creating significant savings in annual property taxes.
  • EXCELLENT VALUE-ADD OPPORTUNITY: The Property presents a unique opportunity to continue the high-end unit interior renovation plan solely focused on revenue-generating improvements on the remaining 94 non-renovated units.
  • ADDITIONAL DEVELOPMENT OPPORTUNITY: The 14,002 SF rear parking lot qualifies for a TOC Tier 3 density bonus, allowing for up to a 60-unit multifamily development.
  • PREMIER ACCESS TO EMPLOYMENT: Located approximately one mile from Downtown and Mid-Wilshire/Koreatown which boasts 72 million square feet of combined office space, residents are conveniently positioned to access some of Los Angeles' largest employers. The Property is also within 1.5 miles from both the 110 and 101 freeways, providing additional access to employment hubs in all of Southern California.

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