Midwood Acquires Historic Park Wilshire Apartments in Westlake for $38M

New York City-based Midwood Investment & Development has acquired Park Wilshire, an historic Los Angeles apartment building adjacent to MacArthur Park in the city’s Westlake neighborhood, for $38 million. Originally built in 1924, the 170-unit building was designated an historical-cultural monument in 2008 for its prominence on Wilshire Blvd and its iconic neon sign.

Known for its Italian Renaissance Revival style architecture, the eight-story building is located between Koreatown and Downtown Los Angeles at 2424 Wilshire Blvd.

John Usdan, CEO of Midwood Investment & Development, noted in a statement that as “long-term property owners in Los Angeles since the early 1960s, we are now actively expanding our portfolio particularly in historic neighborhoods like Westlake.”

Midwood’s acquisition of Park Wilshire follows its recently-announced ground-up development The Shops at Sportsmen’s Lodge, 94,000 square-feet of retail space in Studio City.

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