The Real Deal Los Angeles

Watermark sells Koreatown rental complex for $72M

Greystar Real Estate Partners is buyer on the deal

March 22, 2016 02:30PM
By Katherine Clarke

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The Gardens at Wilshire Place

The Gardens at Wilshire Center

Corona, Calif.-based Watermark Properties has sold the Gardens at Wilshire Center, a 159-unit apartment community in Koreatown, for $72.13 million, or $453,644 per unit, to Greystar Real Estate Partners, The Real Deal has learned.

The sales price represents a more than 50 percent bump over what Watermark paid for the property six years ago, records show. The company bought the property for $48 million in 2010 from a joint venture between Burbank-based Chandler Properties, which developed the building in 2008, and Denver-based Amstar Group.

Cindy Troesh, vice president of operations at Watermark, said that while the company likes to hold on to its assets long-term, it made sense to sell given the current market conditions.

“Cap rates were so low that it was advantageous for us to sell at the moment,” she told TRD.

A spokesperson for Greystar did not immediately respond to a request for comment.

The property, at 3675 Wilshire Blvd, totals 136,088 square feet.