Westlake Multifamily Broker: Apartment Building Sales
Westlake, anchored by MacArthur Park, is where Highlight closed the Burlington Portfolio, a 192-unit, three-building 1031 exchange transaction, along with the 65-unit 236 S Bonnie Brae St and other value-add sales. The submarket combines LA’s highest transit access with consistently strong multifamily fundamentals.
Get a Free Broker Opinion of Value in WestlakeTransit Access
- Metro B Line (Red) & D Line (Purple): MacArthur Park/Westlake station
- Metro Bus Rapid Transit along Wilshire and Alvarado
- One of the best transit-connected submarkets in LA
Local Retail
- Alvarado St and 6th St commercial corridors
- MacArthur Park and surrounding retail/dining district
- Dense mixed-use storefronts serving a high-density residential population
Major Employers
- Downtown LA financial and civic core (adjacent)
- Kaiser Permanente and other Wilshire corridor medical/office employers
Westlake Multifamily Sales So Far This Year
Buildings built before 1978 fall under the LA Rent Stabilization Ordinance (RSO) and trade differently than newer buildings under AB 1482, so we break them out separately. Confirmed Westlake sales through September 2026. Figures are shown only when there are enough sales to be meaningful.
Built Before 1978 (RSO)
- Median Price Per Unit
- $133,150
- 7 Westlake sales
- Median Price Per SF
- $237
- 7 Westlake sales
- Typical Cap Rate
- 5.28% – 6.20%
- 6 Westlake sales
Built 1978 or Later (AB 1482)
- Median Price Per Unit
- Not enough data
- Fewer than 3 Westlake sales in this category
- Median Price Per SF
- Not enough data
- Fewer than 3 Westlake sales in this category
- Typical Cap Rate
- Not enough data
- Fewer than 5 Westlake sales reporting a cap rate
Curious what your own Westlake property could be worth? Try our free value calculator →
Westlake Apartment Owners: A Major Project Over the Station, a Park Plan, and Large-Building Sales
Westlake is built around MacArthur Park and the Westlake/MacArthur Park station, where the B and D Lines meet at Wilshire and Alvarado. Two public projects are shaping how buyers talk about the neighborhood, and one of them has already been approved.
Our sales here include a 192-unit, three-building portfolio and a 65-unit building, and the size of a building changes how a sale is structured.
- 668homes in Centro Westlake, approved by the City in March 2026 (234 income-restricted)
- 2024year the city announced its plan to reconnect MacArthur Park
- 192units in the Burlington Portfolio we sold here
A big project is coming to the station
Centro Westlake, a joint development of Metro and the Walter J. Company on the block bounded by Wilshire, Alvarado, Westlake, and 7th, was approved by the City of Los Angeles in March 2026. It is not built yet, and plans can change. Buyers know about it, so be ready to discuss where your building sits in relation to it and what it does and does not change today.
The park project is a plan, not a park
The city announced in July 2024 that it wants to close part of Wilshire Blvd through MacArthur Park and reconnect the two halves of the park, with federal and regional grants that pay for planning. Nothing is funded for construction in what we found. We would treat it as a talking point, not a price driver, until that changes.
Large buildings need a sale plan, not just a listing
When a building has dozens of units, who sees it matters as much as the price. A quiet sale to a proven buyer can beat a public listing, or the reverse. Our guide to selling off-market vs. listing openly walks through the tradeoffs.
We sold the 192-unit, three-building Burlington Portfolio as a 1031 exchange, and 236 S Bonnie Brae St, a 65-unit building, in a confidential off-market sale to a proven repeat buyer. We also sold 467 S Bonnie Brae St.
Sources: The Real Deal and Commercial Observer (March 2026) on Centro Westlake; Fox LA (July 2024) on Reconnecting MacArthur Park. Figures can change as projects move through review. Checked October 2026.
Rent Control in Westlake, in Plain English
Westlake is inside the City of Los Angeles, so most older apartment buildings here fall under LA’s Rent Stabilization Ordinance (RSO). Rent control is the biggest single factor in what a buyer will pay, because buyers price in how far below market the current rents are. Here is how to tell which rules cover your building.
- Rent can rise once a year by the city’s set percentage: 3% from July 1, 2026 to June 30, 2027
- Tenants can only be evicted for reasons the ordinance allows
- No-fault move-outs require relocation payments
- The building must be registered with the LA Housing Department every year
- LA’s Just Cause Ordinance limits evictions
- Once a building is more than 15 years old, the statewide AB 1482 cap (5% plus inflation, up to 10%) may apply
- Confirm the status of your units with the city or an attorney
Three rent control rules every Westlake seller should know
- Market rent comes back only when a tenant leaves on their own. Under the state’s Costa-Hawkins law, you can set a new rent when a tenant moves out voluntarily. That reset is the upside buyers are paying for.
- You can only raise rent if your registration is current. LA requires every RSO building to be registered and its fees paid each year. Buyers check this, and gaps become credits in escrow.
- Relocation payments rise every July. If a buyer plans to renovate or redevelop, the relocation cost for each tenant is part of their math, and it shows up in their offer.
How Many Units Before Measure ULA Hits a Westlake Building?
Measure ULA, the City of LA’s “mansion tax,” takes 4% of the entire price once a sale goes over $5.4 million, and 5.5% at $10.9 million or more. At Westlake’s median of $133,150 per unit for older buildings, that line arrives at about 41 units. Here is what that looks like.
Illustration only, using the median price per unit for Westlake buildings built before 1978 (January-September 2026). Your building’s price depends on its own rents and condition. ULA thresholds for closings after June 30, 2026, from the City of Los Angeles Office of Finance.
Going from 40 to 41 units adds about $133,150 in value but can add roughly $218,366 in tax. If your building is anywhere near the line, price it with the tax in mind and compare offers on what you keep, not the headline number. Our guide to Measure ULA thresholds walks through the “dead zone” above each line.
Three Moves to Make Before You List a Westlake Building
Take this year’s rent increase first
Buyers pay for the rent roll they see. If you have skipped the 3% RSO increase, serve the notices before you list (one increase per 12 months, and only with current registration).
Have your soft-story certificate ready
LA requires older wood-frame buildings with weak ground floors (think tuck-under parking) to be retrofitted, and most deadlines have passed. Buyers and lenders expect the city’s certificate of compliance. Find yours, or the permits showing the work is underway, before a buyer asks.
Know your “rent gap”
List each unit’s rent, move-in year, and what a vacant unit would rent for today. The gap between the two is the upside buyers are paying for. Having it ready shows that upside and keeps the price conversation on your terms.
What Westlake Apartment Buildings Sell For
Older, rent-controlled buildings in Westlake sold for a median of $133,150 per unit in January-September 2026, across 7 sales, with cap rates typically between 5.28% and 6.20%. Here is how that compares with the other neighborhoods we cover.
Source: Highlight Multifamily Group analysis of CoStar sold multifamily comps. Neighborhoods with fewer than 3 sales are left out.
What to Gather Before Selling a Westlake Apartment Building
- Current rent roll with each tenant’s move-in date and current rent
- This year’s LA Housing Department registration and proof the fees are paid
- Copies of the last rent increase notices served
- Soft-story certificate of compliance, or permits for work underway
- Your SB 721 balcony and stair inspection report, if the building has elevated wood balconies, decks, or stairs (see our SB 721 guide)
- A zoning printout for your parcel from the city’s ZIMAS site
- Two years of operating expenses and utility bills
- Any buyout agreements, relocation payments, or pending tenant matters
Not sure where to start? We will walk you through it as part of a free Broker Opinion of Value. Request yours here.
Closed Sales in Westlake
Thinking of Selling an Apartment Building in Westlake?
Westlake Multifamily FAQs
What is the price per unit for an apartment building in Westlake?
Among buildings built before 1978 sold in Westlake so far in 2026, the median price per unit was $133,150 across 7 sales, and the median price per square foot was $237. Figures are through September 2026 and move with the market.
What cap rate do Westlake apartment buildings sell for?
Buildings built before 1978 sold in Westlake in 2026 had a typical cap rate range of 5.28% – 6.20%, based on 6 sales that reported one (the middle half of those sales). Cap rates vary with building age, condition, and rent levels, so your building can sit above or below the range.
Does rent control apply to apartment buildings in Westlake?
Westlake is in the City of Los Angeles. Buildings with a certificate of occupancy issued before October 1, 1978 are generally covered by the Rent Stabilization Ordinance, and newer buildings typically fall under the statewide AB 1482 cap. Rent control affects value because buyers price in below-market rents, as we explain in our guides.
2026 AB 1482 rent cap · Selling with rent-controlled tenants
How much can landlords raise rent on rent-controlled apartments in Westlake?
Under the LA Rent Stabilization Ordinance, the allowable increase is 3% from July 1, 2026 through June 30, 2027. Rent can go up once every 12 months, with proper notice, and only if the building's registration with the LA Housing Department is current.
Does Measure ULA apply to Westlake apartment buildings?
Yes. Westlake is in the City of Los Angeles, so sales above $5.4 million pay a 4% ULA tax on the entire price, and sales at $10.9 million or more pay 5.5%. At Westlake's 2026 median of $133,150 per unit for older buildings, a building of about 41 units or more is likely to cross the $5.4 million line.
How do I find out if my Westlake apartment building is rent controlled?
Look up your address on the City of Los Angeles’ ZIMAS site. Under the Housing section, the Rent Stabilization Ordinance (RSO) field says Yes if at least one unit in the building is covered, so a building can be only partly covered. Buildings first occupied on or before October 1, 1978 are generally covered, and newer buildings typically fall under the statewide AB 1482 cap. The LA Housing Department answers questions at (866) 557-7368.
What is Centro Westlake?
Centro Westlake is a mixed-use project planned above the Westlake/MacArthur Park Metro station, developed by Metro and the Walter J. Company. The City of Los Angeles approved it in March 2026, with 668 homes, 234 of them income-restricted, plus retail, office, and a hotel. It is not built yet, and details may change.
What is the Reconnecting MacArthur Park plan?
In July 2024 the city announced a plan to close Wilshire Blvd to cars through MacArthur Park and reconnect the two halves of the park. A $2 million federal grant and $500,000 from the Southern California Association of Governments fund the planning stage. It is a plan, not a funded construction project.
What apartment buildings has Highlight sold in Westlake?
Highlight has closed sales in Westlake, including 131-171 S Burlington Ave (192 units, $48.25M), 236 S Bonnie Brae St (65 units, $15.60M), and 467 S Bonnie Brae St (18 units, $3.77M). Every closed sale is listed with its details on our closed sales page.
131-171 S Burlington Ave · 236 S Bonnie Brae St · 467 S Bonnie Brae St · All closed sales
Why do investors buy apartment buildings in Westlake?
Westlake is in Central LA, with a Walk Score of 91 (Walker's Paradise; 4th most walkable neighborhood in LA) and a Transit Score of 87. Transit includes Metro B Line (Red) & D Line (Purple): MacArthur Park/Westlake station. Nearby employers and anchors include Downtown LA financial and civic core (adjacent), and Kaiser Permanente and other Wilshire corridor medical/office employers. Walkable, transit-connected neighborhoods with local jobs tend to keep renter demand steady.
Are there apartment buildings for sale in Westlake right now?
We do not have an active Westlake listing at the moment. Contact us and we will tell you about upcoming and off-market opportunities as they arise.
What is my Westlake apartment building worth?
Start with our free property value calculator, which prices your building using Westlake's own 2026 sales. Then request a free Broker Opinion of Value for a number based on your actual rent roll, expenses, and condition.
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