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Monday, Mar 20, 2023

Westlake Apartment Building Sells for $45 Million

The Wilshire Royale, a 193-unit multifamily property with retail in Westlake, has sold for $45.5 million.

Mosser Capital purchased the property, with 8,933 square feet of ground-floor retail, from MWest Holdings.

Joseph Grabiec, Kevin Green and Greg Harris of Marcus & Millichap’s Institutional Property Advisors division represented the seller and found the buyer.

“Originally constructed as the upscale Arcady apartment-hotel, Wilshire Royale exemplifies the opulence of Neoclassical, Beaux Arts architecture and has been extensively renovated to provide the ultimate living experience in a submarket with compelling demand drivers,” Grabiec said in a statement. “The property gives the buyer an opportunity to generate additional revenue by continuing the high-end unit interior renovation program and further enhancing the income stream through the redevelopment of the ground floor retail space and 4,500-square-foot basement.”

The property was built in 1927 and consists of efficiencies, studios, and one-, two- and three-bedroom units. It also has a fitness center, conference room, business center, swimming pool and spa and valet parking.

The Wilshire Royale qualifies for a Transit Oriented Communities Tier 3 density bonus, according to Green, which means the buyer could add up to 63 additional units.

There have been a lot of major multifamily sales this year. Earlier this week, it was announced that a large multifamily property in Pomona sold for $130 million.

Century City-based Standard Communities and West Hollywood-based Faring Property Group purchased the 349-unit property from Clear Capital.It is known as Monterey Station and is located at 120-180 E. Monterey Ave. 

It has 14 different floor plans. Other large sales this year include the 507-unit Altana Apartments, in Glendale, which sold for $300 million; Playa Pacifica and The Gallery in Hermosa Beach which sold for a combined $275 million; the 313-unit Kings Villages Apartments which sold for $223 million; Residences at Westgate in Pasadena, which sold for $237 million; and the 357-unit Union South Bay in Carson, which sold for $220 million.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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