Sale of Pegasus Apartment Building Among Largest Ever

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The Challenge

Cushman & Wakefield, as exclusive advisor, offered for sale one of the largest and most prominent apartment communities in downtown Los Angeles. Situated at the intersection of Wilshire Boulevard and Flower Street in the center of the Financial District, Pegasus contains 322 luxury apartments and 12,500 square feet of prime ground-floor retail that includes the Daily Grill Restaurant and Caffe Primo.

The Solution

The property's strongest attribute is its irreplaceable location adjacent to the Standard Hotel, California Club, Central Library, and headquarters of both City National Bank and Paul Hastings. The unprecedented revitalization occurring in Downtown Los Angeles is expected to result in a doubling of the existing population over the next five years and create a tremendous corresponding demand for housing.

The Result

The downtown Los Angeles apartment building was sold to a Chicago-based real estate investment trust. It was one of the largest residential property sales ever in the Central Business District.