Decron picks up Mid-Wilshire apartments for $114M amid tight supply
Decron Properties is expanding its multifamily holdings near its Mid-Wilshire headquarters. The firm acquired the 163-unit building at 5550 Wilshire Boulevard for $114 million, the Los Angeles Business Journal reported. That’s $699,000 per unit. Private equity real estate investor GID sold the 312,000-square-foot building, which has 14,700 square feet of retail that is fully leased, to FedEx, Chipotle and Five Guys. The sale price is “well below replacement cost” for the building, Decron CEO David Nagel said in a statement provided to The Real Deal. JLL’s Blake Rogers handled the deal for the buyer and seller. The development site, spanning […]This article originally appeared on The Real Deal. Click here to read the full story.
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