DTLA-Adjacent Nabes Poised for Growth

LOS ANGELES—M West Holdings has purchased the historic Wilshire Royale from a private and unnamed investor for $32.5 million. The multifamily property was originally built in the 1920s and is located in the Downtown Los Angeles-adjacent submarket Westlake District, which has seen an uptick in investment recently because of its proximity to the booming downtown market.

Institutional Property Advisors, a division of Marcus & Millichap, EVP of investments Greg Harris, along with directors Kevin Green and Joseph Grabiec, represented the seller and the buyer in the transaction. Marcus & Millichap Capital Corp.‘s capital markets VPs Anita Paryani and Jake Roberts also secured debt on behalf of the buyer for the purchase. The brokers did not responded to several requests for a comment; however, Javier Rivera, a VP at JLL and a market expert unrelated to the deal tells GlobeSt.com, “There are a lot of neighborhoods between Hancock Park and Downtown Los Angeles—Westlake, Koreatown, Echo Park, Silverlake—and all of those neighborhoods are experiencing an uptick in demand on the multifamily front. In Westlake, the demand for apartments is through the roof. It is one of the densest neighborhoods in the United States, and I think that the urban nature of that neighborhood is in high demand by both traditional renters and new renters.”