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(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles,October 24.)
LOS ANGELES-Richmond Heights, OH-based rental-property companyAssociated Estates Realty Corp. has purchased landand a tower at 5500 Wilshire Blvd.—in what’s knownas the Miracle Mile submarket here—forconstruction of upscale apartments slated for completion in early2014. The firm purchased 79,000-square-foot Desmond’sTower for $20 million and the adjacent parking lot for $17million (a total of 2.21 acres) and plans to spend nearly $70million to develop approximately 175 apartments onthe site, many of which will have views of the Hollywood sign.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
