Associated Estates Acquires Historic Wilshire Boulevard Property

Associated Estates Realty Corporation AEC today announced that it will expand to Southern California by building apartments on Wilshire Boulevard in the highly desirable Miracle Mile submarket of Los Angeles. Associated Estates purchased the historic Desmond's Tower at 5500 Wilshire Blvd. and the adjacent parking lot. The acquired property comprises 2.21 acres with the parking lot area being entitled for apartments. Associated Estates plans to build up to 175 apartments and structured parking. Desmond's Tower is a 78,800 square foot office and retail building that has several tenants, including the internationally acclaimed Ace Gallery.