LOS ANGELES, CA - Denver-based Amstar announces the sale of The Gardens at Wilshire Center, a 159-unit mixed-use apartment community ("Wilshire") in the greater Los Angeles area. Located directly on Wilshire Boulevard and within the supply constrained submarket of Wilshire Center/Koreatown, Wilshire is an exceptional Class "A" multifamily project. The sale price was $48 million or $302,000 per unit.
Amstar acquired the site in 2004 with Chandler Partners, an experienced local development company, recognizing the irreplaceable nature of this infill site located within a submarket with high barriers to entry and strong fundamentals. Amstar and Chandler have successfully partnered on three development projects including NoHo Gardens, which was sold in October 2007. Amstar and Chandler put together the right team to underwrite and execute the necessary environmental remediation, construction and leasing plan to deliver an institutional quality asset. The project was completed in July of 2008 and was leased up during the market downturn that ensued in the fall of 2008.
The sale, brokered by Mary Ann King and Tom Moran Jr. of Moran & Company, attracted more than 30 qualified bidders ranging from global investment managers to local operators. Kim Sperry, Amstar Executive Director, stated, "It is evident that there is significantly more demand than supply of institutional quality, core real estate available for sale in the market, which validated our decision to bring the asset to market at this point in the cycle. We were pleased at both the level of interest and quality of prospective buyers generated by the sale process."
Established in 1987, Amstar is a real estate investment manager that manages both commingled funds and tailored separate accounts for its international and domestic clients. With nearly $2 billion in assets under management, Amstar's current portfolio consists primarily of office, hospitality, and multifamily holdings within major markets of the United States and select markets in Europe and Latin America. Amstar's team of highly capable employees understands that a hands-on dedication to real estate and commitment to its clients are the company's primary competitive advantage. For more information on Amstar, go to www.amstar.com
Burbank, California-based Chandler Partners www.chandlerpartners.com is a local development firm with a 35 year track record developing commercial and residential real estate in Southern California. The firm is in the business of creating added value to real estate assets. Chandler's mission is to create the maximum value in each real estate asset transaction and/or development. Chandler's successful track record is due to four factors that it rigorously adheres to: financial discipline, local development expertise, superior market knowledge, and quick knowledgeable decision making.
Source: Amstar