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Demand Grows for Beverly Hills Multifamily

BEVERLY HILLS, CA—Pacific Reach Properties buys Blu Beverly Hills, a 37-unit, 11-story apartment complex, beating out international investors to win the bid, GlobeSt.com reports EXCLUSIVELY.

By Kelsi Maree Borland | Updated on March 26, 2015

BEVERLY HILLS, CA—Pacific Reach Properties has purchased Blu Beverly Hills, a 37-unit, 11-story apartment complex in a 1031 exchange, GlobeSt.com has learned exclusively. The purchase price of the property was not disclosed, however, industry sources unrelated to the deal say the property traded hands for $29.6 million.

“Beverly Hills has long established itself as a desirable place to live,” Vera Liu, director of acquisitions at Pacific Reach Properties, tells GlobeSt.com. “Given the overall economic growth in Los Angeles County and strong real estate fundamentals, demand for Beverly Hills will continue to strengthen. Our business model is providing high quality luxury accommodations, a model that requires the right product and a professional, service oriented team in order to successfully execute. Blu’s origin as an office building gave it unique features that would be difficult to replicate within today’s development landscape; it has an 11-story stature, ample secured parking, a prominent location on Wilshire and proximity to the future Wilshire/La Cienega Station. It is a one of a kind building and a logical acquisition given our business model.”

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