Mosser Can Generate Revenue with High-End Reno Program

Wilshire Royale, a 193-unit multifamily asset with 8,933 square feet of ground-floor retail in Los Angeles’ Westlake District, recently sold to Mosser Capital Management for $45.5 million or $233,160 per unit, according to Institutional Property Advisors (IPA), a division of Marcus & Millichap. The property is located one mile from downtown Los Angeles and Mid-Wilshire/Koreatown, which have 78 million square feet of combined office space.

“Originally constructed as the upscale Arcady apartment-hotel, Wilshire Royale exemplifies the opulence of Neoclassical Beaux Arts architecture and has been extensively renovated to provide the ultimate living experience in a submarket with compelling demand drivers,” said Joseph Grabiec, IPA executive director. “The property gives the buyer an opportunity to generate additional revenue by continuing the high-end unit interior renovation program and further enhancing the income stream through the redevelopment of the ground-floor retail space and 4,500-square-foot basement.”

Grabiec and IPA’s Kevin Green and Greg Harris represented the seller, MWest Holdings, and procured the buyer.

“Wilshire Royale, constructed in 1927, has become an iconic landmark in the Westlake neighborhood and is one of only a handful of restored neoclassical buildings left in Los Angeles,” adds Green. “The building’s 14,757-square-foot rear parking lot qualifies for a Transit Oriented Communities Tier 3 density bonus, allowing for an up to 63-unit multifamily development.”