Beverly Hills Luxury Apartment Complex Sells for $28M

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Devonshire Delaware has sold Utama Royale, an 18-unit apartment complex near Beverly Hills, for $28 million.

Sean Daneshgar purchased the luxury apartments at 10351 Wilshire Boulevard but it is unclear what the plans are for the property near the edge of The Los Angeles Country Club and a short distance from famed Rodeo Drive, according to CBRE (CBRE). The deal is subject to an added 5.5 percent transfer tax due to Los Angeles’ Measure ULA, as the sale price is over $10 million. 

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“A true trophy asset, Utama Royale is an elegant and distinctive residential building that offers an exceptional investment opportunity with tremendous upside,” CBRE’s Laurie Lustig-Bower, who represented the seller alongside Kamran Paydar, said in a statement. 

Carolwood EstatesBarbara Duskin also helped negotiate on behalf of the seller, but it was not disclosed who brokered the deal on behalf of Daneshgar who could not be reached for comment.

The 18 apartments in Utama Royale are mostly three-bedroom units — four of which are penthouses — plus a single one-bedroom. Amenities include a club room with a fitness center, a spa, a billiards table, a kitchen, a bar, and a fireplace. 

There is also an underground parking garage, according to CBRE.

Mark Hallum can be reached at mhallum@commercialobserver.com.