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20-Story Apartment Tower Trades for $22M

LOS ANGELES-The 236-unit Mark Wilshire Apartments building was erected in 1966. New owner Donald T. Sterling Corp. is planning to spend about $2 million on improvements, including new elevators and electric generator systems.

By Peter Landau | Updated on May 24, 2002

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.

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