Rockpoint Acquires 97-Unit Multifamily Property in Los Angeles
Rockpoint, a Boston-based real estate private equity firm, has acquired Wilshire Margot, a 97-unit multifamily property located at 10599 Wilshire Boulevard in the Westwood neighborhood of Los Angeles.
Terms of the transaction were not disclosed.
According to a press release, the mid-rise, Type-I apartment building was constructed in 2007 and is situated along the Wilshire corridor in one of Los Angeles’ most desirable and supply-constrained submarkets. The property benefits from close proximity to major employment centers such as Century City and Beverly Hills, as well as UCLA, one of the nation’s leading public universities.
“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, 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.”
The property currently offers amenities including underground parking, bike lockers, a rooftop deck, gym, sauna, and media lounge. Rockpoint plans to reposition Wilshire Margot into a high-quality multifamily community.
The acquisition adds to Rockpoint’s extensive track record in the residential sector. Since 1995, the firm and its predecessor have closed on or committed to 144 residential investments totaling more than 99,000 multifamily units. Rockpoint continues to target high-barrier-to-entry markets where it can drive value through active asset management and repositioning.
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