Real Estate Private Equity
Wilshire Center
Description
BRP formed a JV with Gerding Edlen Development Company (GED) to invest in the entitlement and development of Wilshire Center in Koreatown, Los Angeles. The development was proposed to consist of two high-rise luxury condominium towers with a total of 411 units and 63,700 square feet of restaurants, retail, and common space. BRP exited the investment after successfully entitling and designing the project.
Thesis
GED is an experienced company that typically develops in excess of $100 million annually with three high-rise condominium developments in Downtown Los Angeles. Because of our investment in 3223 W. 6th Street, BRP has extensive knowledge of the political landscape and development feasibility in Koreatown, Los Angeles. Because of the attractive price of the land, this investment provides multiple exit strategies.
Equity Investment
$15.9 million