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Sares Regis Group Buys The Preston in L.A.'s Miracle Mile Neighborhood

3/23/20

Sares Regis Group purchased The Preston, a 169-unit multifamily community in Los Angelesí Mid-Wilshire neighborhood. The acquisition was financed with $65 mil in first mortgage debt provided by Mesa West Capital.

The Preston is a four-story, high-density community is located at 630 Masselin Ave, just north of Wilshire Blvd between Fairfax and La Brea Aves. It features a mix of studio, one- and two-bedroom floorplans, and also includes a 336-car parking garage with EV parking stations, pet park, resort-style pool and clubhouse with fitness center.

The property is situated in L.A.ís Miracle Mile, a neighborhood that benefits from a vibrant social and cultural infrastructure with 1.2 msf of retail, entertainment and dining options, as well as Los Angelesí largest collection of museums. Los Angelesís famed ďMuseum RowĒ includes the Los Angeles County Museum of Art, the La Brea Tar Pits and Museum, the Craft Contemporary and the Petersen Automotive Museum. Additionally, the Academy Museum of Motion Pictures at Fairfax and Wilshire will open in December 2020.

The Preston is also within walking distance of two future subway stations along the Metro Railís Purple Line extension. When completed in 2023, both the Fairfax and La Brea Metro stations will offer access to downtown Los Angeles. Phase 2 and 3 of the expansion, due to open in 2025 and 2027, respectively, will extend the line west to Beverly Hills, Century City and Westwood.

Sares Regis Group will immediately begin a multi-million-dollar capital improvement campaign focusing on exterior, common area and amenity upgrades to create a more contemporary aesthetic. The plan also includes renovations to apartment interiors as units roll.

Jesse Weber and Scott Williams with CBRE arranged the five-year, floating-rating loan. Mesa West Capitalís Joshua Westerberg oversaw the deal for the lender.




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