Madison Realty Capital is set to shake up the Los Angeles multifamily market with plans to expand a luxury apartment complex following the recent acquisition of properties from developer Neil Shekhter. The New York-based firm has its sights set on enhancing the 6401 Wilshire Boulevard property in Beverly Grove by incorporating an additional 65 upscale units, bumping the total count to 177 apartments alongside existing ground-floor retail space.
The move comes shortly after Madison took over a substantial portion of Shekhter’s real estate portfolio earlier this year, signaling a proactive approach to maximizing the potential of the acquired assets. While the company has not provided official comments on the development plans, the filing with the city’s planning department reveals that Zachary Kadden, Madison’s head of development, is leading the charge on the project known as Sentral.
The decision to enhance the existing structure without expanding the footprint showcases Madison’s strategic vision for leveraging the prime location and meeting the demand for luxury living spaces in the thriving L.A. market. With Shekhter’s ambitious project now under Madison’s stewardship, the upscale apartments are expected to draw discerning tenants looking for a blend of sophistication and convenience.
Shekhter’s initial investment in the Wilshire property, coupled with Madison’s subsequent acquisition and reimagining of the development, exemplifies the dynamic nature of the real estate landscape in Los Angeles. As rents in the Sentral building witness an increase reflective of the evolving market trends, the collaboration between Shekhter and Madison sets the stage for a new chapter in the local multifamily sector’s evolution as luxury living continues to redefine urban landscapes across the city.
