Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Wilshire Royale, a 193-unit multifamily asset with 8,933 square feet of ground floor retail in Los Angeles, California’s Westlake District. The property sold for $45.5 million, or $233,160 per unit.
“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,” said Joseph Grabiec, IPA executive director. “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.”
Grabiec and IPA’s Kevin Green and Greg Harris represented the seller, MWest Holdings, and procured the buyer, Mosser Capital Management. “Wilshire Royale, constructed in 1927, has become an iconic landmark in the Westlake neighborhood and is one of only a handful of restored neoclassical buildings left in Los Angeles,” added Green. “The building’s 14,757-square-foot rear parking lot qualifies for a Transit Oriented Communities Tier 3 density bonus, allowing for an up to 63-unit multifamily development.”
Located one mile from Downtown Los Angeles and Mid-Wilshire/Koreatown, which have 78 million square feet of combined office space, Wilshire Royale’s residents can easily reach some of Los Angeles’ largest employers. The building is within 1.5 miles of both Interstate 110 and U.S. Highway 101, which provide access to employment hubs throughout Southern California. The Wilshire/Vermont and Westlake/MacArthur metro stations are a short walk away and vibrant retail, restaurant, and nightlife in Silver Lake, Koreatown, and Downtown Los Angeles are close by.
Wilshire Royale’s floorplans include efficiencies, studios, and one-, two- and three-bedroom layouts. Renovated apartments have hardwood vinyl plank flooring, stainless steel appliances, two-tone paint, luxurious hardware, crown moldings, contemporary lighting fixtures, ceiling fans, and walk-in closets. Fully renovated community amenities include a fitness center, a designer-decorated resident lounge, a conference room, business center, swimming pool and spa, 24-hour valet parking and sweeping downtown views.