A Once-In-A-Lifetime Opportunity to Purchase One of Thirteen Apartment Buildings Located Along the World-Renowned Wilshire Corri
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A Once-in-a-Lifetime Opportunity to Purchase One of Thirteen Apartment Buildings Located Along the World-Renowned Wilshire Corridor on Wilshire Boulevard in Los Angeles, CA Exclusively Listed By: Brandon Michaels Matthew Luchs Senior Managing Director of Investments First Vice President Investments Senior Director, National Retail Group COO of The Brandon Michaels Group Tel: 818.212.2794 Tel: 818.212.2727 [email protected] [email protected] CA License: 01434685 CA License: 01948233 2 04 14 24 42 Executive Property Area Financials & Summary Overview Overview Comparables 3 B L U O L S C A Y N TR GE UN LES CO La Tour The Diplomat Condos Sterling International Towers Blair House The Dorchester The Wilshire Ten Five Sixty Comstock Wilshire 10401 Wilshire Building Wilshire Holmby Grand Wilshire Condos Condos Wilshire Marquis Regency Wilshire Condos Regent Wilshire Wilshire Corridor 4 The Westholme Condos Wilshire Wilshire Summit Manning The Westford Condos The Sterling Longford Wilshire Wilshire Blvd Condos The Remington Californian Condoos On Wilshire Wilshire Selby West Marie Antoinette 5 WESTWOOD Marie Crown Antoinette Towers Sterling Wilshire The Wilshire House The California Wilshire Blvd Condos The Westford Condos Ashton Ave The Wilshire Manning The Argon Wilshire Wilshire Selby Ave Summit Wellworth Ave 6 7 Executive Summary A Once-in-a-Lifetime Opportunity to Purchase One ONCE IN of Thirteen Apartment Buildings Located Along the World-Renowned Wilshire Corridor on Wilshire A LIFETIME Boulevard in Los Angeles, CA he Brandon Michaels Group of 10635 Wilshire Boulevard offers a T Marcus & Millichap has been unique value-add opportunity. Of Opportunity selected to exclusively represent the forty-five total units, there are for sale 10635 Wilshire Boulevard, a currently 10 vacant units and twenty- ON THE WILSHIRE CORRIDOR 45-unit value-add luxury apartment one luxury exempt units. The building building located along the world- totals 58,943 square feet situated on renowned Wilshire Corridor in Los 20,472 square feet of land zoned Angeles, CA. The subject property LAR5. The existing unit mix consists is located on Wilshire Boulevard, just of five studios, twenty one bedroom, east of Manning Avenue and just one bathroom units, and twenty west of Westholme Avenue. Over two bedroom two bathroom units. The Wilshire the last decade, only two multi- The building and several units have House family buildings have sold along undergone extensive renovations the Wilshire Corridor, making this and upgrades. an extremely rare opportunity to acquire a trophy asset in arguably 10635 Wilshire Boulevard is one of the strongest locations in the surrounded by Southern California’s country. most high-end restaurants, retailers, entertainment venues and some of 10635 Wilshire Boulevard is one of the most sought-after real estate in only 13 apartment buildings located the world. This generational purchase along the Wilshire Corridor. The opportunity is ideally located in a location is exceptional, just four sub-market that benefits from its blocks from Westwood Village, one affluent underlying demographics, mile from Holmby Park, one and dense immediate population, and a half miles from Beverly Hills, four high barriers to entry. miles from Bel Air, and less than one mile from the projected Westwood/ UCLA stop along the Metro Purple (D Line) Extension project. B L U O L S C A Y N TR GE UN LES CO The Bermuda Apartments Sterling International Towers Wilshire Westwood Luxury Apartments The Argon Wilshire Wilshire Summit 10401 Wilshire Building Sterling Wilshire 1116 Manning Ave Princess WilshireOne of Only 13 Apartment Corridor Buildings Located Along Apartments the Wilshire Corridor Apartments 8 There are Only 13 Apartment Buildings Located Along the Wilshire Corridor Last Confirmed Address Name Market Sale 1 The Legacy at Westwood 10833 Wilshire Blvd 1996 2 Sterling Wilshire Apartments 10717 Wilshire Blvd 1995 3 Wilshire Victoria 10700 Wilshire Blvd 2015 4 The Wilshire Manning 1116 Manning Ave 1993 5 Princess Apartments 10655 Wilshire Blvd Not Disclosed 6 The Argon Wilshire 10636 Wilshire Blvd 2004 7 10600 Wilshire 10600 Wilshire Blvd 1994 8 Wilshire Margot 10599 Wilshire Blvd Not Disclosed 9 Wilshire Westwood Luxury Apartments 10530 Wilshire Blvd 1997 The Argon Wilshire 10 10401 Wilshire Building 10401 Wilshire Blvd Not Disclosed 11 Sterling International Towers 10390 Wilshire Blvd 1995 Wilshire 12 The Bermuda Apartments 10354 Wilshire Blvd 2014 Summit 13 Wilshire Manor Apartments 10635 Wilshire Blvd On Market Sterling Wilshire 1116 Manning Ave Princess Wilshire Blvd Apartments The Legacy at Westwood 9 Condominium Sales Along the Wilshire Corridor Address Price SF Price/SF 1 1200 Club View Dr #1501 $10,000,000 3,813 $2,623 2 1200 Club View Dr #16N $7,900,000 3,813 $2,072 3 1200 Club View Dr #12N $6,218,000 3,813 $1,631 4 1200 Club View Dr #14N $6,200,000 3,813 $1,626 5 1200 Club View Dr #1201 $6,000,000 3,813 $1,574 6 10601 Wilshire Blvd #19C $4,250,000 3,422 $1,242 7 10601 Wilshire Blvd #1204 $4,025,000 2,845 $1,415 8 10580 Wilshire Blvd #23NW $3,985,000 3,203 $1,244 9 10727 Wilshire Blvd #1604 $3,850,000 2,929 $1,314 AVERAGE $5,825,333 3,496 $1,638 10727 WILSHIRE BLVD Condominium Sales Comparables 10 11 Property Overview 10601 WILSHIRE BLVD 1200 CLUB VIEW DR 10580 WILSHIRE BLVD InvestmentHighlights One of Only Thirteen Apartment Buildings Located Along the Wilshire Corridor ONCE-IN-A-LIFETIME PURCHASE OPPORTUNITY OF A VALUE-ADD 45 UNIT LUXURY APARTMENT BUILDING • Forty-five unit luxury apartment building ideally location along the Wilshire Corridor on Wilshire Boulevard • Units average over 1,000 square feet and have undergone significant upgrades and improvements • The building has undergone extensive renovations WORLD-RENOWNED LOCATION IDEALLY LOCATED ALONG THE WILSHIRE CORRIDOR • Four blocks from one of the largest upscale college towns in California, Westwood Village • One mile from arguably the strongest central business district in metropolitan Los Angeles, Century City • One- and one-half miles from world-famous Beverly Hills, which is home to some of the most sought-after real estate in the world 12 EXCEEDINGLY RARE TROPHY PURCHASE 13 OPPORTUNITY Executive Summary • There are only 13 apartment buildings located along the Wilshire Corridor • Over the last decade, only two multi-family buildings have sold ONE MILE FROM LOS ANGELES’S CENTRAL along the Wilshire Corridor BUSINESS DISTRICT – CENTURY CITY • The vast majority of the high-rises on the Wilshire Corridor • One of Los Angeles’s top business districts, with approximately are condominiums, making 10635 Wilshire Boulevard a unique 10 million square feet of Class-A office space anomaly • Home to a number of dominant employers such as AECOM, MGO, Kirkland & Ellis LLP, and Regus IDEAL LOCATION FOR RENTERS • Westfield Century City, a two-level 1.3 billion square foot • Less than one mile from the projected Westwood/UCLA Metro outdoor mall anchored by Nordstrom, Gelson’s and Macy’s. Purple Line stop, making cross-city transportation easy The center recently underwent a $1 billion renovation, • Walking distance from Westwood Village, a retail district and features 176 shops, 53 eateries, and a 15-screen AMC occupied by upscale national retailers multiplex • Located just one- and one-half miles from the prestigious ONE- AND ONE-HALF MILES FROM ICONIC Beverly Hills BEVERLY HILLS • Rodeo Drive, a high-end retail corridor where buildings have ADJACENT TO THE COUNTRIES STRONGEST been known to sell for north of $19,000 per square foot, and RESIDENTIAL MARKETS lease for over $70 per square foot • Directly adjacent to Holmby Hills, which has an average single • Flocked by tourists and visitors year-round family home price of $3,855,434 • Beverly Hills is home to world renowned hotels such as the • One and one half miles from Beverly Hills, which has an Beverly Wilshire and Beverly Hills Hotel average single family home price of $3,776,383 • Famous restaurants line the city, such as Spago, Il Pasteo, The • Walking distance to LA Country Club Ivy, Il Cielo, and the Terrace • Within close proximity to some of the highest end retailers and DENSE AFFLUENT DEMOGRAPHICS restaurants in the world • There are over 45,300 within one mile of the property, 247,700 within three miles of the property, and 627,300 within five miles of the property. • There are over 21,700 households located within one mile of the property, 110,300 within three miles of the property, and 287,800 within five miles. • Average household income within one mile of the property surpasses $125,600, $136,200 within three miles, and $131,693 within five miles of the property BEVERLY HILLS BEVERLY HILLS GOLDEN TRIANGLE Wilshire Blvd B L U O L S C A Y N R G NT ELES COU HOLMBY PARK Beverly Hills 14 15 Executive Summary Santa Monica Blvd Wilshire Blvd Summaryof Terms Address 10635 Wilshire Boulevard Los Angeles, CA, 90024 Price To Be Determined by the Market Building Size 58,943 SF Lot Size 20,473 SF Units 45 Stories 5 Vacant Units 10 Luxury Exempt Units 21 Parking Spaces 47 Covered Parking Spaces Year Built 1957 APN Number 4360-011-003 Zoning LAR5 16 17 Property Overview BEL AIR B E L B -A LU IR C COUNTRY WESTWOOD 18 HOLMBY HILLS B L U O L S C A Y N R HOLMBY G NT ELES COU PARK 19 Current Ownership has completed extensive improvements, renovations, and upgrades to the property including: • Demolition and remodeling of the entire lobby, including the • Brand new HVAC units including common area return air front