Madison Realty Unloads Beverly Grove Apartment Tower

Madison Realty Capital has unloaded an apartment tower west of Miracle Mile.

The New York-based firm sold the 112-unit Ayan on Wilshire building at 6401 Wilshire Boulevard to an undisclosed buyer, L.A. Business First reported. The sale price for the Beverly Grove property was also not disclosed.

The lot last sold in 2019 for $38 million, according to Los Angeles County Office of the Assessor records cited by L.A. Business First. The property was valued at $112.8 million in 2024.

Ayan on Wilshire completed construction and opened to residents in 2024. The co-living building rises 18 stories above Wilshire Boulevard and boasts fully furnished shared suites, studios and junior one-bedroom residences. The property consists of a total of 325 residences across 112 shared and private units. Amenities include rooftop deck with pool and jacuzzi, community kitchens, barbecue stations, fitness center, sauna, steam rooms, resident lounges and conference center.

Other multifamily properties across Los Angeles have traded hands over the past month.

Early this month, Cypress Equity Investments, LWK Partners and Sabal Investment Holdings bought a 75-unit workforce housing portfolio for $30 million. The joint venture plans to develop 52 additional units at the unnamed properties. Late last year, JRK Property Holdings paid $400 million for residential developments in Los Angeles, Seattle, and Hoboken, New Jersey, from Equity Residential. In Los Angeles, JRK purchased C on Pico, a 94-unit residential development in Sawtelle.

Last month, Madison International Realty and Big 4 Properties acquired the 507-unit El Centro Apartments & Bungalows at 6200 Hollywood Boulevard for $161.2 million. Also in December, an affiliate of APW Avenue Group bought a 22-story apartment tower in Downtown Los Angeles from MetLife for $68.8 million. That building has 152 apartments atop approximately 7,000 square feet of ground-floor retail.

— Chris Malone Méndez