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LOS ANGELES-Mark Wilshire Associates has sold the Mark Wilshire Apartments here for $22 million. The buyer for the 236-unit apartment tower was the Donald T. Sterling Corp. The sales price represents $58.61 per square foot and $93,220 per unit.

The Mark Wilshire Apartments Tower is located at 687 Irolo St. in Los Angeles. The property encompasses 375,344 sf, consisting of 20 stories with a rooftop deck and pool. The structure was originally constructed in 1966.

Brokers on the deal say the site is in need of substantial renovations amounting to a couple million dollars, which include replacement of the current elevators and electric generator system and repair of plumbing problems. Rehab is expected to begin immediately.

The unit mix consists of 154 one-bedroom and one-bath floor plans and 82 two-bedroom and two-bath units. Monthly rental rates range from $757 to $1,450. At the time of the sale, the asset was approximately 98% occupied. The capitalization rate on the deal measures 5%.

David Kaufman and Richard Ringer, investment brokers in the Marcus & Millichap’s national multi-housing group based in the Los Angeles office, represented both the seller, Mark Wilshire Associates, based in Mount Kisco, N.Y., and the buyer, Beverly Hills, Calif.-based Donald T. Sterling Corp

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