Watermark sells Koreatown rental complex for $72M

Greystar Real Estate Partners is buyer on the deal

TRD LOS ANGELES /
Mar.March 22, 2016 02:30 PM

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.


Related Articles

arrow_forward_ios

Greystar seeks buyer for massive $1.2B apartment portfolio

Greystar acquires apartment complex in Long Beach; extensive upgrades planned

Greystar plans Arts District live-work complex

Greystar buys Rancho Palos Verdes apartments for nearly $500K per unit

Organic food market inks lease at luxury Culver City development

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

Clockwise from top left: 10350 Wyton Drive, 642 Perugia Way, 670 Perugia Way, 1000 Elden Way and (center) 627 N. Carcassonne Road (Credit: Redfin)

Here are the priciest resi listings in LA County last week

LA City Attorney Mike Feuer at a rally in South LA last year

City accuses affordable developer of stealing public funds for South LA project

arrow_forward_ios