Newport Beach-based Sares-Regis Group has acquired The Preston Miracle Mile, a 169-unit apartment building, for $86.8 million, records show.
The property, which was built in 1990, was sold by Chicago-based real estate investment firm Heitman.
Sares-Regis Group did not respond to requests for comment.
Last year, Sares-Regis Group raised more than $328 million for a multifamily fund. At the time, the company announced plans to acquire $1 billion worth of assets.
“We continue to identify and pursue compelling investment opportunities in strong markets that will benefit from the enhancements we create and are expected to generate attractive cash flow and appreciation potential,” Bill Montgomery, the fund’s chief investment officer, said in a statement at the time.
The Preston, located at 630 Masselin Ave., is the latest property to change hands in the increasingly active Miracle Mile area.
In addition to sales of existing buildings, developers have proposed a number of mixed-use projects in the area.
Walter Marks is in the entitlement phase for a $400 million, 42-story tower, and Jerry Snyder’s 285-unit Residences at Wilshire Curson is under construction. Plans have been filed for a 209-unit project with a paseo running to Tom Bergin’s, and plans have also been announced for a building with 121 condos, 125 hotel rooms and retail space.
Major museums along Wilshire Boulevard — the L.A. County Museum of Art and the La Brea Tar Pits and Page Museum — are also in line for sizable changes.
LACMA is undergoing a $650 million renovation that will include a gallery that stretches across Wilshire Boulevard. Renovations at the La Brea Tar Pits and Page Museum will include a bridge across the Lake Pit and a museum expansion.
Experts believe the boom will continue for the Miracle Mile area.
“I’m expecting it to continually do well,” said CBRE Group Inc. Executive Vice President Laurie Lustig-Bower. “We will see an appetite from developers to continue to develop there. The area will continue to improve in terms of the quality and the people who are living there, and that is going to have a positive effect on the retailers.”
