The Tape
12035 Wilshire BlvdSold

Built for $45+ Million. Sold for $31.5 Million.

"$389K/door for a 2019 West LA building on Wilshire and close to Bundy.  Who is the Buyer?

By David SafaiFollow

At a glance

Sale Price
$31,500,000

closed Mar 25, 2026

Units
81

15 studio · 61 one-bed · 4 two-bed · 1 three-bed

Price / Unit
$388,889

per door

Price / SF
$415

75,831 gross SF

Year Built
2019

non-RSO · AB 1482 exempt to ~2034

Loan Amount
$24,075,000

Mesa West Capital · 76.4% LTV

ULA Tax
$1,732,500

Measure ULA, estimated

Submarket Avg
$532,180

$/unit, West LA comps

Vacancy (Subject)
6.2%

vs 7.1% submarket

Hold Period
36 months

MLT Properties, seller

What matters

  1. The numbers.81 units (15 studios, 61 one-beds, 4 two-beds, 1 three-bed). 2019 build. 75,831 SF across 7 stories. Sold March 25, 2026 for $31.5M, or $388,889 per door and $415/SF. Financed with a $24.075M loan from Mesa West Capital.
  2. The Replacement Cost Discount.  You couldn't build this building today for anywhere close to $31.5M. A realistic replacement cost is likely approaching $50M, which means the buyer acquired a 2019 asset at roughly an $18M discount to replacement cost and its probably worth closer to $40M today.
  3. Why Develop When You Can Buy?  If replacement cost is around $50M, why spend three years developing when you can buy a stabilized 2019 asset for $31.5M? 
  4. Who is the Buyer?StarPoint Properties Paul Daneshrad, Founder & CEO LinkedIn: Paul Daneshrad
12035 Wilshire Blvd photo
FIG. 00, 12035 WILSHIRE BLVD, WEST LOS ANGELES, CA 90025. IMAGE VIA GOOGLE STREET VIEW.

What an Operator Sees

StarPoint took an 81-unit 2019 Wilshire-and-Bundy building for $31.5 million — $388,889 a door, $415 a foot — with $24.075 million from Mesa West, roughly 76% LTV. No cap or T-12 published. You could not build this today anywhere near that number.

MLT held only about three years on a new delivery and exited into aggressive bridge debt. 

Second-order: when 2019 West LA clears this cheap versus replacement.  

This was an absolute home run.  

I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.

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Property and transaction data: CoStar Research.

Write to David Safai at David@AtlasBrief.La

Appeared in the Sept. 6, 2026 edition of The Tape.