Rockpoint Acquires Mid-Rise Apartments in LA
The community has a mix of traditional apartments and co-living units.
Rockpoint has acquired Wilshire Margot, a 97-unit, mid-rise multifamily apartment community located in the Wilshire corridor in the Westwood neighborhood of Los Angeles. Terms of the transaction were not disclosed.
The most recent owner was NMS Properties of Los Angeles, according to Yardi Matrix information. The property was part of a $30 million loan transaction provided by Madison Realty Capital in December 2023 for a portfolio that included the 11-unit NMS Pacifico Apartments in Santa Monica, Calif., and a single-family rental home in Los Angeles.
The owner had previously secured $81 million in financing in April 2019 from LoanCore Capital and a $43.5 million loan from Enterprise Bank & Trust in August 2020 for the asset, the same source shows.
Located at 10599 Wilshire Blvd., Wilshire Margot sits in the heart of Westwood. It has proximity to major employment hubs including Century City and Beverly Hills, as well as the University of California, Los Angeles.
Closer look at Wilshire Margot
Built in 2007, Wilshire Margot is a six- and seven-story building with a mix of studio, one-, two- and three-bedroom units ranging in size from 430 to 1,600 square feet, with an average of 754 square feet. Two bedrooms and select studios are furnished and 49 units are fully furnished co-living rentals, according to Yardi Matrix. Rents range from $1,829 to $8,156, with a mean of $3,531, the same source shows.
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Amenities at the community include a rooftop deck, a gym, a sauna, a media lounge and bike lockers. The property has controlled access and an underground garage with 154 parking spaces.
Rockpoint’s multifamily investments
Earlier this year, Rockpoint teamed up with 13th Floor Investments for the development of Link at Boca, a 340-unit mixed-use, transit-oriented community in Boca Raton, Fla. The project is a public-private partnership with the South Florida Regional Transportation Authority. The partners secured a $100 million construction loan from Santander Bank. Completion is slated for 2028.
Also in Florida, Rockpoint formed a joint venture in January with The Morgan Group and Humbold Real Estate Ventures to develop Caroline at Sunrise, a 452-unit community in Sunrise, Fla., a Fort Lauderdale submarket. Humbold owns the 21-acre site where the property will be built. PNC Bank provided a $111 million construction loan for the development. The first units are expected to deliver in late 2027.
