LOS ANGELES, CA - Institutional Property Advisors announced 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.
“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.
“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.