A limited liability company tied to Joseph Daneshgar has bought an 18-unit luxury apartment complex in Westwood for $28 million — or $1.6 million per unit.
Brea JD, based in Beverly Hills, purchased the Utama Royale at 10351 Wilshire Boulevard, the Commercial Observer and CoStar News reported. The seller was Devonshire Delaware, based at the same address.
The deal may mark the highest price paid for an apartment unit within the past year in Los Angeles County.
The sale came as higher interest rates have curbed apartment deals from coast to coast. A new “mansion tax” has also curbed demand for luxury properties in Los Angeles. The deal is subject to an added 5.5 percent transfer tax because of Measure ULA.
Devonshire initially listed the complex near The Los Angeles Country Club and Beverly Hills’ Rodeo Drive for $33.1 million, according to CoStar.
The five-story complex, built in 1992, has 17 three-bedroom and a one-bedroom apartment. Furnished units range from 2,700 to 3,500 square feet, and include luxuries such as Wedgewood china, according to its website.
Services include a lounge club with a billiard table, entertainment center and fireplace along with a fitness center, spa and an underground parking garage.
The last multifamily property with more than 15 units to sell in the city of Los Angeles for more than $1 million per unit was in early 2022 at 11024 Strathmore Drive, according to CoStar.
The building “offers an exceptional investment opportunity with tremendous upside,” Laurie Lustig-Bower of CBRE, who represented the seller alongside Kamran Paydar, said in a statement. Barbara Duskin of Carolwood Estates also helped negotiate on behalf of the seller.
In the Beverly Hills-Century City-UCLA multifamily market, the average monthly asking rent is $3,272, compared to $2,235 across Greater L.A., according to CoStar. Some 7.5 percent of the area’s apartments are vacant, compared to 5.1 percent in metro L.A.
“This sale demonstrates there’s still strong interest for high-quality, well-located assets in the market,” said Ryan Patap, senior director of market analytics for CoStar News in Los Angeles.
Brea JD is represented by Joseph Daneshar and Sean Daneshgar, based at the address of 3D Investments in Beverly Hills, according to state business records.
3D Investments, a family-owned firm led by Joseph Daneshgar, has filed plans to bulldoze a 73-year-old office building in Beverly Grove and build a 20-story apartment building at 6527-6535 Wilshire Boulevard.
The firm has owned and operated retail centers, regional malls, apartment complexes, office buildings and hotels for four decades, with major investments in Nevada.
In early 2022, 3D paid $216 million for Tivoli Village, an open-air mall with 670,000 square feet of offices, shops and restaurants in Las Vegas. It was the biggest mixed-use commercial deal there since 2017.
Adam Daneshgar, Joseph’s nephew, founded Langdon Street Capital of Beverly Hills and in 2017 bought the century-old Grand Central Market and Million Dollar Theater in Downtown Los Angeles for an undisclosed sum.
— Dana Bartholomew
