LOS ANGELES-Associated Estates Realty Corp., a rental-property company based Richmond Heights, Ohio, has bought land along Wilshire Boulevard in Los Angeles for $37 million. The company will spend nearly $70 million to develop approximately 175 upscale apartments on the site at 5500 Wilshire Blvd.
The development will be called the Desmond on Wilshire. The seller was Desmond's 5500 Wilshire LLC. Associated is planning to start construction early next year and complete the first units in early 2014. For the full story, go to Wall Street Journal .
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