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.


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