SoldBroker Activity · Entry № 30

Westwood at $445/SF Is a Steal

This 2007-built apartment in one of Los Angeles' best rental markets trades below replacement cost

PublishedJune 19, 2026
StatusSold · Just Closed
DatelineThe Tape · Westwood, Los Angeles
10599 Wilshire Blvd hero photo
FIG. 01, 10599 WILSHIRE BLVD, WESTWOOD, LOS ANGELES
Four takeawaysFour things an operator sees in this trade
  1. You Can't Build This for $445/SF.  At $445/SF, the buyer starts with a cost basis that would be extremely difficult to replicate today.
  2. The Parking Alone May Be Worth $12–16 Million.With roughly 200 parking spaces, the garage alone could represent $12–16 million in replacement value. Most people underestimate how expensive structured parking has become and it's becoming an increasingly valuable part of an apartment building.  Anyone building under parked buildings could be making a huge mistake.  As an owner, I can tell you parking still matters and it's difficult enough leasing apartments with parking, let alone without it. 
  3. Buy Existing. Skip Three Years of Risk.  The real story is buying a newer Westwood asset at $445/SF.  I'd Rather Buy This Than Build It.  Three years of development risk disappeared the day this deal closed and the buyer gets immediate cash flow instead of taking entitlement, construction, and lease-up risk.
  4. They Didn't Buy a Cap Rate. They Bought Westwood.  The real investment is one of Los Angeles' strongest rental markets, with UCLA, Century City, Beverly Hills, and Westwood Village driving long-term demand.
Deal Stats · 10599 Wilshire Blvd
Sale Price
$66.25M
closed Jun 9, 2026
Units
97
22 studio · 63 one-bed · 2 two-bed · 9 three-bed · 1 four-bed
Price / Unit
$683K/door
vs. $532K submarket avg
Price / SF
$445/SF
148,729 gross SF
Year Built
2007
reinforced concrete, 7 stories
Lot SF
30,971 SF
0.71 acres · LAR5 zoning
Parking
200 stalls
covered · 2.06 stalls/unit
ULA Tax Estimate
$3.64M
5.5% on price above $5M threshold
Acquisition Loan
$49.73M
LoanCore Capital · Conventional · 75% LTV
Seller Hold Period
19.4 years
~233 months · NMS Properties

What an Operator Sees

This is exactly the type of apartment building I'd rather buy than build. At $445/SF, I think the buyer acquired one of the best apartment assets to trade this year. You can't recreate this location, and you can't recreate a 2007-built building at this basis.

The headline number is $66.25 million, but I think the more important number is $445/SF. Construction costs, financing, and entitlement risk make it extremely difficult to deliver a comparable property anywhere near that basis today.

Westwood has everything I want as a long-term owner: UCLA, Century City, Beverly Hills, and one of the deepest renter pools in Los Angeles. If rents continue growing over the next decade, today's cap rate will matter far less than owning an irreplaceable asset in an irreplaceable location.

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Send OMs to David@AtlasBrief.LA

Sold in an Auction.
No broker information available in Atlas database for this transaction.  If you have addition information about this transaction, email me at David@AtlasBrief.La.
Written from the field

David Safai, operator, developer, GC.

Atlas Home Builders, Inc. is a Los Angeles owner-operator and general contractor. If you are a broker with a listing you want an honest read on, send the OM and the T-12 to David@AtlasBrief.La.

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