Exclusive: Rare Mid-Wilshire Apartment Portfolio Capitalizes On Hot Market
A portfolio of four 1920s vintage apartment complexes is on the market for $27.2M in Mid-Wilshire, an area of town that has had a surge of recent activity, including the planned $600M expansion of LACMA, the under-construction Academy Museum of Motion Pictures and the Metro Purple Line Subway Extension.
Keller Williams broker Henry Garcia said it is a rarity in the current market to find four large properties being sold by one seller in such a prime location. The four complexes total 141 units.
Garcia is marketing the buildings on behalf of Lion Real Estate Group.
The portfolio includes two buildings built in 1926 with 54 units at 118 and 124 North Westmoreland Ave., a 48-unit building at 915 South Carondelet, and 39 units at 939 South Gramercy Place. The portfolio is 98% leased.
Each has large units, and buyers could get approximately 45% more in rental upside by doing a reno of the units to add granite countertops and laminate wood floors, according to Garcia.
A high-rise residential tower is underway nearby at Wilshire Boulevard and Crescent Heights. That project, owned by a JV of UDR and MetLife and designed by Steinberg Architects, is scheduled to complete next year.
CORRECTION, FEB. 1, 2:25 P.M. PT: Information previously reported on the high-rise residential tower at Wilshire Boulevard and Crescent Heights did not mention the JV owner behind the project and had an incorrect finish date. The story has been updated.