MWest Holdings Acquires Cosmo Lofts, Cutting Edge in Hollywood

LOS ANGELES (May 2, 2013) — MWest Holdings, a vertically-integrated private real estate investment company, announced today its newest Los Angeles acquisition with the purchase of 1617 Cosmo Street, a 48-unit loft-style apartment building located in the heart of Hollywood. According to President of MWest Holdings, Karl Slovin, the firm was attracted to the property’s unique history: “Constructed in the 1920s, this four-story concrete building initially served as a furniture warehouse. Recent renovations have transformed the structure into ultra-modern live/work lofts that celebrate the building’s past while embracing the creative mindset of LA’s film and entertainment industries right in the heart of Hollywood. We are excited to become a part of this innovative community.”

Consisting of 12 duplexes and 36 lofts, each unit incorporates elements of the building’s distinctive architectural qualities including fluted columns, high ceilings, large windows, and spiral steel staircases. Residents have immediate access to Hollywood’s hottest restaurants, live theaters, nightclubs, and retail, as well as many of the area’s newest developments, including the Metro Red-Line station at Hollywood Boulevard.

Andrew Paulson, MWest’s Senior Asset Manager, states, “As the economy continues to recover and exhibits signs of increasing stability, MWest believes the acquisition of Cosmo Lofts represents an outstanding opportunity to own a high-quality asset, with secure long-term cash flows, in a vibrant and growing market.”

One of the best amenities this property offers is its spectacular 6,000 square foot rooftop deck. Currently under-utilized, MWest’s SVP, Matthew Ellis commented, “This deck is second in size only to the W Hotel’s roof deck and after renovations, it will provide an excellent opportunity to lease the space for various Hollywood-inspired events. MWest has hired MAKE Architecture to refresh the building’s lobby and roof deck.” While MWest will retain the urban feel of the building, they plan to upgrade unit interiors with new kitchens and bathrooms. The unit upgrades will be designed to create a boutique feel with an edge, to attract the dynamic, creative residents and office users looking for a live/work loft in the area. This building is the perfect complement to MWest’s growing portfolio in the Los Angeles Market.