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Rockpoint Scores Mid-Rise Apartment Property in Westwood
Rockpoint, a Boston-based real estate private equity firm, has acquired Wilshire Margot, a 97-unit multifamily property located at 10599 Wilshire Blvd. in the Westwood neighborhood of Los Angeles. Although sale terms were not disclosed., the property is assessed at $61.5 million, reported LA Business First.
The property is a mid-rise, type-I apartment building built in 2007. Located along the Wilshire corridor, the property benefits from proximity to major employment hubs including Century City and Beverly Hills, as well as to UCLA, according to Rockpoint.
“West Los Angeles remains one of the most supply-constrained multifamily markets in the country, supported by strong demographics, proximity to employment centers, and a deep base of affluent renters,” said Aric Shalev, a managing member and Co-CEO at Rockpoint. “This investment represents a compelling opportunity to acquire a well-located property at an attractive basis and unlock value through a thoughtful repositioning strategy.”
- ◦Sale/Acquisition
