Decron Properties Acquires 163-Unit Mixed-Use Property in Los Angeles’ Miracle Mile for $114 Million

Decron Properties, a Los Angeles-based firm, has completed the acquisition of 5550 Wilshire, a 163-unit apartment community located in the city's Miracle Mile area. The transaction, valued at $114 million, involved private equity real estate investor GID as the seller. Blake Rogers of JLL facilitated the deal for the property, which was originally developed in 2010.

The mixed-use asset at 5550 Wilshire offers a diverse range of housing options, including one-, two-, and three-bedroom apartments and townhomes. Residents benefit from a suite of amenities such as a resort-style pool, hot tub, rooftop lounges, and a movie theater, alongside extensive parking. Additionally, the property features 14,686 square feet of fully leased ground-floor retail space, occupied by well-known tenants like Chipotle, Five Guys, and FedEx Office. This acquisition further solidifies Decron's presence in the California market, adding to its portfolio of approximately 10,000 multifamily units and 1 million square feet of retail assets across multiple Western states. For developers and investors, this deal highlights continued strong demand for well-located, amenity-rich mixed-use properties in major urban centers like Los Angeles.