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| Wilshire Royale Apartments, 2619 Wilshire Boulevard, Los Angeles, CA |
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| Anita Paryani |
LOS ANGELES, CA –
Institutional Property Advisors (IPA), a division of Marcus & Millichap, Inc.
specializing in serving institutional and major private real estate investors,
is pleased to announce the sale of a multifamily property, the iconic Wilshire Royale Apartments at 2619
Wilshire Boulevard to M West Holdings LLC.
The sales price was $32.5 million
for the 193-unit property which equates to $168,400 per unit.
IPA executive vice
president investments Greg Harris, along with IPA directors Kevin Green and Joseph Grabiec, advised the seller, a private investor. IPA’s
Harris, Green and Grabiec also procured the buyer, M West Holdings LLC.
Anita Paryani
and Jake Roberts, both vice
president capital markets with Marcus & Millichap Capital Corp. in West Los
Angeles, arranged financing for the purchase of the Wilshire Royale property.
“This one-of-a-kind asset is located in one of
Los Angeles’ most riveting submarkets, the Westlake District, featuring rare
and breathtaking views of all of Los Angeles,” says Harris.
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| Jake Roberts |
“Located between Koreatown
and downtown, this is an area that is starting to see a tremendous amount of
capital moving into it with several high rises and office-to-apartment
conversions planned, along with East Coast investors trading into Los Angeles
in an effort to find value.
Of late, it has become a trendier spot as Koreatown
continues to push the boundaries to the east and downtown Los Angeles moves
west,” adds Green.
“The Wilshire Royale Apartment
building is an iconic Los Angeles landmark and reflects our company's vision to
acquire properties in emerging neighborhoods with powerful and distinct
personality, pioneering architecture, and holds tremendous value,” states Karl Slovin, President, M West Holdings
LLC.
"With the Wilshire Royale we intend to bring back the 1920s
neoclassical charm and elegance so we can attract the growing millennial renter
population that is looking for a modern amenity package that rivals the best
buildings in the area.”
Originally constructed in 1927 as the
Arcady Apartment Hotel, the Wilshire Royale is a historic 12-story building
with Art Deco architecture, as well as 9,269 square feet of prime ground-floor
retail space.
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| Karl Slovin |
“The new owner is well
positioned to capitalize on the historic nature of the property while
renovating it to today’s luxury standards in a market where there is demand for
high-end renovated units,” says Grabiec.
Its central location
offers easy access to the 10, 101 and 110 freeways with a short commute to
downtown, Hollywood and the Westside of Los Angeles, as well as stops on the
Metro Red Line and Purple Line.
For a complete copy of the company’s news release,
please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
