On January 23, 2020, SARES•REGIS Multifamily Value-Add Fund III, L.P. (SRMF VA-III) closed on the purchase of The Preston at Miracle Mile, a 169-unit apartment community built in 1989 located in Los Angeles, CA.
This four-story podium building offers a mix of studios, one and two-bedroom floorplans, each with stackable in-unit washer/dryers, patios or balconies, wood-style plank flooring, walk-in closets, and stainless steel appliances. The majority of units have gas fireplaces, and 4th floor units have vaulted ceilings, some with downtown Los Angeles skyline views.
Common area amenities include a dog park, package concierge, a resident lounge with coffee bar, 2 barbeque stations, outdoor TVs, a pool and spa, outdoor gas fireplace & lounge seating. The gym is open 24 hours and the business center has computers with printing services for residents.
The Preston is located in Los Angeles within the Miracle Mile community named for the mile-long stretch of Wilshire Boulevard. Residents are located in the very heart of Miracle Mile and can reach Beverly Hills, Hollywood, Century City, Downtown and other neighborhoods in a short 10- to 20-minute drive. The Metro Purple Line Extension project is currently underway, which will connect Downtown to Westside along Wilshire Boulevard in under 25 minutes. The extension will create seven new stations, with two located directly in Miracle Mile, less than a half mile away from The Preston. Residents are within walking distance to over 1.2 million sq. ft. of retail and shopping needs.