A joint venture led by SHVO, Bilgili Group and Deutsche Finance has purchased 9200 Wilshire Boulevard, a fully entitled residential and retail development site adjacent to the Beverly Hills “Golden Triangle,” for $130 million from New Pacific Realty Corp.
The 307,397-square-foot project, one of the only active new developments of its kind in Beverly Hills, will feature 54 luxury residences, a rooftop pool and approximately 6,650 feet of retail space wrapping a central courtyard fronting Wilshire.
The joint venture is led by developers SHVO and Bilgili Group, together with institutional real estate funds managed by Deutsche Finance. The joint venture’s investors include Bayerische Versorgungskammer (BVK), one of the largest institutional investors in Germany and top 10 pension funds in Europe. Lotus Capital Partners arranged a $51 million acquisition loan from California-based Acore Capital.
This is the third joint venture between SHVO, Bilgili Group and Deutsche Finance. Earlier this year, the group purchased the historic Raleigh Hotel property in Miami, and in 2018, they acquired the office portion of 685 Fifth Avenue, which is now being converted into luxury Mandarin Oriental Residences.
“We are thrilled to add 9200 Wilshire to our portfolio of luxury assets in prime locations,” said Michael Shvo, chairman of SHVO. “Our new residential concept will offer the highest quality of living and amenities, providing extreme value for those seeking something truly extraordinary in Beverly Hills.”