Pacific Urban buys Miracle Mile apartments from Sares-Regis for $70.5M

Pacific Urban Investors, a Marcus & Millichap company, purchased apartments in Los Angeles’ Miracle Mile for $70.5 million via a fund, August records reveal.  That’s a loss for seller Sares-Regis Group, which spent about $87 million on the complex in February 2020. That means the complex at 630 Masselin Avenue, called the Preston, went from about $503,000 per apartment to $417,000 in six years. Neither Pacific Urban Investors nor Sares-Regis Group immediately responded to a request for comment. City taxes on the deal, the bulk of which came from the Measure ULA real estate transfer tax, shook out to more […]

This article originally appeared on The Real Deal. Click here to read the full story.