In latest deal, Sares-Regis sells Little Tokyo resi complex for $116M

A firm managed by JPMorgan Investment acquired the 240-unit Wakaba LA apartments

TRD LOS ANGELES /
Feb.February 25, 2020 03:33 PM
Sares-Regis Principal William Thormahlen & photo of Wakaba LA
Sares-Regis Principal William Thormahlen & photo of Wakaba LA

Sares-Regis Group has sold a 240-unit apartment complex it developed in Little Tokyo, continuing an active period for the multifamily investor.

Sares-Regis sold Wakaba LA apartments for $115.8 million to a company managed by JPMorgan Investment Management, property records show.

Irvine-based Sares-Regis completed construction on the $100 million Wakaba LA in early 2016. The complex, at 232 E. 2nd Street, includes 16,000 square feet of commercial space and 470 subterranean parking spots, along with a fitness center and pool.

Earlier this month, Sares-Regis paid $87 million for a 168-unit Miracle Mile apartment complex.

And last March, the firm sold a 158-unit Long Beach apartment complex for $49 million.

In 2017, the company purchased Toyota’s former headquarters in Torrance for $270 million. A year later, Sares-Regis sold a portion of the campus to Preylock Real Estate Holdings for $26 million.

Sares-Regis targets “high-growth, supply constrained Western U.S. markets,” according to its website. In January, it said it raised $329 million in private equity commitments for its multifamily fund.


Related Articles

arrow_forward_ios
Geoff Palmer proposes building 15-story apartment tower at 2321-2327 South Flower Street (Credit: Getty Images, Google Maps)

Geoff Palmer plans 280-unit apartment tower in South LA

Geoff Palmer plans 280-unit apartment tower in South LA
John Chiu and 12711 Branford Street (Credit: Google Maps)

This online LA rental platform is a multifamily buyer

This online LA rental platform is a multifamily buyer
Santa Monica Mayor Gleam Davis and Santa Monica City Hall attached

Santa Monica prohibits market rate micro apartments

Santa Monica prohibits market rate micro apartments
Erin Anderson, development manager at Palisades Capital Partners and The Liddel on Wilshire Boulevard

Big trouble at The Liddel: Carpet USA sues over unpaid work at luxury condo

Big trouble at The Liddel: Carpet USA sues over unpaid work at luxury condo
Adrian Jayasinha and the project site (Credit: Google Maps)

Walter J. Company eyes Opportunity in Westlake resi development

Walter J. Company eyes Opportunity in Westlake resi development
Affordable housing developer’s new mixed-complex adds to growing list in Boyle Heights

Affordable housing developer’s new mixed-complex adds to growing list in Boyle Heights

Affordable housing developer’s new mixed-complex adds to growing list in Boyle Heights
Fifield Cos. snags construction loan for big apartment project in Santa Monica

Fifield Cos. snags construction loan for big apartment project in Santa Monica

Fifield Cos. snags construction loan for big apartment project in Santa Monica
Jamison scores loan for latest office-to-apartment conversion

Jamison scores loan for latest office-to-apartment conversion

Jamison scores loan for latest office-to-apartment conversion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...