LOS ANGELES-VR Capital LLC of Los Angeles has acquired the Miracle Mile Terrace Apartments at 5700 W. Olympic Blvd. from a private investor for $9.85 million. The new owners, who bought the property in a direct principal-to-principal deal, plan renovations that include new landscaping as well as upgrades to the units and the common areas of the rent-controlled complex, which was built in 1972.

All 71 units at the Miracle Mile Terrace are one-bedroom, one-bath apartments, each about 700 sf. The three-story, wood frame construction complex runs block-to-block from Hauser Boulevard to Masselin Avenue, just east of Fairfax Avenue in what VR Capital notes is “the highly desirable Miracle Mile submarket.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.