Jazz Age-Era Community Sells for $38M in Los Angeles
- Jan 13, 2020
A few days after closing the Guardian Arms deal, MWest Holdings has sold Park Wilshire, a 170-unit, historic apartment community in Los Angeles.
Midwood Investment & Development paid $38.2 million for the restored Jazz Age-era building, one of just a few left in the City of Angels. Institutional Property Advisors represented the seller and procured the buyer in the deal. Yardi Matrix data shows the asset last traded in 2016, when Montgomery Partners sold it for $27 million to a joint venture of MWest and BentallGreenOak.
Situated at 2424 Wilshire Blvd., Park Wilshire was originally built in 1924 as a hotel and converted to residential use in 1958. The eight-story building features marble floors, crown moldings, floor-to-ceiling arched windows and ornamented ceilings. The unit mix consists of studios, one- and two-bedroom floorplans averaging 594 square feet. Amenities include a swimming pool, fitness center and business center.
Previous ownership made capital improvements at the property during the last few years, renovating the common areas and amenities, as well as 82 apartments. The community was 91.8 percent occupied as of November, per Yardi Matrix information.
A densely populated location
Park Wilshire is approximately 3 miles west of city center in the Westlake neighborhood, one of the most densely populated urban areas in the U.S. The community is near MacArthur Park, with many shops and restaurants within a one-mile radius. Located a couple miles south of Hollywood Freeway, the property is easily accessible by public transport.
IPA Senior Directors Joe Grabiec and Kevin Green, together with Executive Director Greg Harris, assisted the seller in the disposition. The brokerage team was also involved in the $34.5 million sale of a 92-unit community in northern Los Angeles that closed in December.