Wilshire Capital Group LLC has successfully acquired the prominent mixed-use development at 1230 Wilshire Blvd for a staggering $78.5 million. The property, which spans 185,000 square feet, includes 120 residential units above 35,000 square feet of ground-floor retail and office space. This acquisition marks a significant investment in the rapidly evolving Westlake neighborhood, signaling continued confidence in its growth trajectory and appeal to both residents and businesses.
The seller, Downtown Development Holdings, had completed the project in late 2024, achieving nearly full lease-up on both the residential and commercial components before bringing it to market. Sources close to the deal indicate that multiple institutional investors were vying for the asset, drawn by its modern amenities, strategic location near the 110 Freeway, and strong income-generating potential.
Wilshire Capital Group plans to maintain the current operational strategy, focusing on tenant retention and exploring minor upgrades to common areas. This transaction underscores the robust demand for well-located, income-producing mixed-use properties in Los Angeles, particularly those that bridge the gap between downtown's urban core and the more residential enclaves to the west. The deal closed on March 10, 2026, solidifying one of the largest transactions in the Westlake area this quarter.
