Upside Investments Sells Prized LA Condo Project “The Wilshire at Western” to Condo Developer

Calabasas, CA – Upside Investments, Inc., a proven real estate organization that specializes in adding value through creative repositioning of properties and hands-on management, in partnership with Hanover Financial Company, sold their prized Los Angeles landmark condo conversion project, The Wilshire at Western, the 22-story tower office building in the heart of Mid-Wilshire that once housed the Getty Oil Company. The purchase price was undisclosed.

Located at the southwest corner of Wilshire Boulevard and Western Avenue, the partnership acquired the building at 3800 Wilshire Boulevard in September of 2003 with the investment strategy of designing and entitling the property from office to multiresidential and preparing it for sale to a condo developer. “We are extremely pleased, as is our investors, to take this outstanding asset through a full investment cycle in less than 18 months and realize a sizable return on invested equity. We expect that the buyer will quickly move forward with this premier condo project and take advantage of the momentum that we have created," said Sean Baker, president of Upside Investments.

The Wilshire at Western consists of approximately 260 apartments, 25,000 square feet of upscale retail space and a five-story parking structure.

Vince Norris of Delson/Norris/Fischer Investment Real Estate Brokerage of Woodland Hills represented buyer, Wilshire Western Condos LLC, an entity formed by Forest City Development. Greg Harris of Marcus & Millichap in Encino represented the seller, The Wilshire at Western, LLC, an entity formed by Upside Investments, Inc.


About Upside Investments, Inc.

Calabasas, Calif.-based Upside Investments, Inc. is a proven real estate organization that specializes in adding value through creative repositioning of properties and hands-on management. The company owns apartment complexes and shopping centers valued in excess of $200 million located throughout the western United States. The principals of Upside Investments, Sean Baker and Gary Simons, also own a third-party construction company, Projects West Construction, which specializes in multi-unit residential buildings, commercial retail shell construction and tenant improvements.


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