MWest Holdings has sold the Wilshire Royale apartments for $45.5 million to Mosser Capital Management. The 193-unit property includes 8,933 square feet of ground floor retail space.
Located in the Westlake District, The Wilshire Royale was built in 1927. It features neoclassical architecture, one of the few examples of the architectural style left in Los Angeles. MWest renovated the asset in 2017, using historic photos as a guide to revive the original Moroccan-style architecture and design in the building. Interior units have also been renovated and will continue to be renovated as they turn. The renovation helped drive value at the property and occupancy rates during MWest's ownership.
MWest worked diligently to bring the property back to its original grandeur, even purchasing furniture pieces from the Figueroa Hotel. "That was really urban archeology," he said in a previous interview with GlobeSt.com.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Kelsi Maree Borland
