M West Holdings Buys a Royale (With No Cheese)
- Aug 11, 2015
The Wilshire Royale Apartments, an iconic multifamily property located in the city’s Westlake District, is under new ownership. A private investor netted $32.5 million from the sale of the asset to M West Holdings LLC. The transaction was arranged by Marcus & Millichap’s Institutional Property Advisors division. The effort was spearheaded by IPA representatives Greg Harris, Kevin Green and Joseph Grabiec.
Located at 2619 Wilshire Boulevard, the 1927-built property was originally operated as the Arcady Apartment Hotel. The 12-story building is located in the Koreatown area, an expanding hotbed for new development that is changing the makeup of the city’s core. A prime example of L.A.’s Art Deco architectural phase, the 193-unit Wilshire Royale also offers a ground floor retail component totaling 9,269 square feet of space.
According to one of the IPA representatives involved in the sale process, the new owner is looking to “capitalize on the historic nature of the property while renovating it to today’s luxury standards in a market where there is demand for high-end renovated units.” The apartment building is located within walking distance to a number of transit lines such as the 10, 101 and 110 freeways, as well as stops on the Metro Red Line and Purple Line. President of M West Holdings Karl Slovin noted that the company will make moves to “attract the growing millennial renter population”.
Image courtesy of wilshireroyaleapts.com