Dealmaker: MWest Holdings Acquires Two Los Angeles Apartments for $35M

MWest Holdings, Los Angeles, acquired two Los Angeles apartment buildings for $35.2 million.

The firm paid $20.8 million for Harbor Terrace at 441 West 3rd Street in the San Pedro Arts District. The building represented MWest’s second investment in San Pedro in recent months following its acquisition of San Pedro Bank Lofts in late 2018.

Constructed in 1987, Harbor Terrace is a 93-unit, three-story building with studio, one-bedroom and two-bedroom units.

Located 30 minutes from downtown Los Angeles, San Pedro borders the Port of Long Beach and the City of Long Beach. The city’s Arts District is home to more than 30 art studios and galleries as well as the historic art-deco Warner Grand Theatre. The neighborhood will soon receive major renovations including the redevelopment of the San Pedro Waterfront into the San Pedro Public Market, scheduled to open next year.

MWest also acquired Townhouse Gardens at 4611 – 4645 Stoner Avenue for $14.4 million. The two-story apartment development includes 48 rental units in eight buildings with townhouse layouts.

The neighborhoods surrounding the Townhouse Gardens community are becoming become tech hubs. Facebook, Google, Amazon, HBO and Apple have all either moved into or recently leased spaces within three miles of the property.

“With a new generation of tech industry workers flocking there, this area of Los Angeles will continue to appeal to young up-and-comers looking for an affordable yet luxurious place to live,” said MWest Holdings President Karl Slovin.