CBRE and Carolwood Estates recently brokered the sale of Utama Royale, a luxury, 18-unit multifamily building located at 10351 Wilshire Boulevard between Beverly Hills and Westwood in Los Angeles.
The property was acquired for $28 million, or more than $1.5 million per unit, by Cathedral JD, LLC, Brea JD, LLC and TOMO JD, LLC. EVP Laurie Lustig-Bower, and first VP Kamran Paydar with CBRE, and Carolwood Estates’ estates director Barbara Duskin represented the seller, Devonshire Delaware, Inc.
Refined finishes and a variety of chic furnishings abound at this one of a kind, 18 unit building with grand scale. Residents can relax with a breathtaking panorama of city views from the wall-to-ceiling windows and private terraces, then bask in the quiet of your home with sound-proofed walls and double-paned windows. Apartment finishes are all first-class, luxury-grade while community amenities include an elevator, video intercom system, and gated parking.
“A true trophy asset, Utama Royale is an elegant and distinctive residential building that offers an exceptional investment opportunity with tremendous upside,” said Ms. Lustig-Bower. “The building’s premier location, spacious units and amenities make it one of the most desirable residences in Southern California.” Paydar added, “CBRE’s marketing campaign generated significant investor interest in Utama Royale, resulting in nearly 20 offers.”
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
