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Luxury LA Apartments Fetch More than $1.5M/Unit
CBRE and Carolwood Estates recently brokered the sale of Utama Royale, a luxury, 18-unit multifamily building located at 10351 Wilshire Blvd. between Beverly Hills and Westwood in Los Angeles. The property was acquired for $28 million, or more than $1.5 million per unit, by Cathedral JD, LLC, Brea JD, LLC and TOMO JD, LLC.
EVP Laurie Lustig-Bower, and first VP Kamran Paydar with CBRE, and Carolwood Estates’ estates director Barbara Duskin represented the seller, Devonshire Delaware, Inc.
“A true trophy asset, Utama Royale is an elegant and distinctive residential building that offers an
exceptional investment opportunity with tremendous upside,” said Ms. Lustig-Bower. “The building’s premier location, spacious units and amenities make it one of the most desirable residences in Southern California.”
Paydar added, “CBRE’s marketing campaign generated significant investor interest in Utama Royale, resulting in nearly 20 offers.”
This property was marketed on Connect CRE’s sister site, ApartmentBuildings.com. Click here for more investment opportunities in market-rate multifamily, affordable housing, single-family rentals, senior housing and student housing across the U.S. and Canada.
- ◦Sale/Acquisition
