Times staff reports

The 192-unit Renaissance Tower apartment building in downtown Los Angeles has been sold for $18 million to a joint venture formed by the California Public Employees' Retirement System and SSR Realty Advisors. The high-rise was sold at a 45% discount from its original cost of construction, said John Whitmire of Los Angeles-based Bel-Air Capital, which brokered the sale. The 5-year-old structure at 501 W. Olympic Blvd. was sold by Grand Phoenix Corp., which completed construction of the apartment complex after the previous owner filed for bankruptcy.

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