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Wednesday, May 18, 2022

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 covers real estate for the Los Angeles Business Journal. A USC grad, Madans has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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