Sares Regis lands $65M acquisition loan for Mid-Wilshire apartment complex

Sares Regis picks up The Preston Miracle Mile apartment building for $87M

TRD LOS ANGELES /
Mar.March 17, 2020 01:00 PM
Sares Regis Group’s Ken Gladstein and the Preston
Sares Regis Group’s Ken Gladstein and the Preston

Sares Regis Group has secured a $65 million mortgage from Mesa West Capital for its purchase of a 169-unit apartment complex in Mid-Wilshire.

The Preston Miracle Mile building is a four-story complex at 630 Masselin Avenue, a block north of Wilshire Boulevard between Fairfax and La Brea avenues. It’s a mix of studio, one, and two-bedroom units.

Orange County-based Sares Regis bought the property in January for $86.7 million from Chicago-based Hart Renaissance Apartments. Hart paid $65 million for the property in 2013.

Amenities at The Preston include a pet park, pool, and a gym. The parking garage has 336 spots and some electric vehicle charging stations. The complex is across the street from Park La Brea and a couple blocks away from the L.A. County Museum of Art and the La Brea Tar Pits and Museum.

The area has seen a swell of development and investment in recent years. Developer J.H. Snyder is building a 117-unit apartment complex next door at the SAG-AFTRA Plaza property.

Last January, Onni Group picked up the 8.7-acre Wilshire Courtyard office campus nearby for $630 million.

Mesa West has backed some large acquisitions in recent years. In late 2016 it lent Brightstone Capital Partners and Artisan Realty Advisors $283.3 million to help finance their $400 million purchase of Lantana Media Campus in Santa Monica. In 2018, the firm lent Dennis Cruzan’s firm $51.5 million to finance the purchase of a 112,000-square-foot office in Beverly Hills.

The floating-rate mortgage for The Preston has a five-year term. Jesse Weber and Scott Williams of CBRE arranged the financing.

In December, Sares-Regis announced it raised $329 million in private equity commitments for its multifamily fund. Investors include insurance companies and unnamed public pension funds.


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