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.
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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.
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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.
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