MWest Holdings Adds 250 Apartment Units to Los Angeles Portfolio

LOS ANGELES (February 1, 2014) – MWest Holdings, a leading private real estate investment firm, announced today the acquisition of the Milano Apartments, a 248-unit luxury apartment complex located in the highly desirable South Bay city of Torrance in greater Los Angeles. Built in 1964, and renovated in 2007-2009, the amenity-rich property offers tenants highly functional single, one-, and two-bedroom floor plans and numerous on-site conveniences including a state-of-the-art fitness center, two tennis, and basketball courts, secured covered parking, a lavish clubhouse, internet café, business center, barbeque area, outdoor sundeck, two resort-style pools, and spa. All units were completely renovated in 2007-2009 with new kitchen cabinets and counter-tops, crown molding, refinished bathrooms, and new, black, or stainless-steel GE appliances.

Milano Apartments is situated in the ideal location for multifamily housing in the South Bay, due to its proximity to the beach, major employers, and easy transportation corridors. In addition to nearby restaurants, shopping, and local attractions, Milano is located with convenient access to the 405 and 110 freeways as well as Metro Green Line light rail, providing residents with superior accessibility to the entire LA area. President of MWest Holdings Karl Slovin states, “We are pleased to add such a tremendous core asset to our portfolio. We believe in the strong demographic trends, lack of buildable sites, and fantastic lifestyle choices available to our residents in Torrance.”

MWest plans to improve all property common areas to enhance the esthetics of the community. Architectural plans will be developed for new landscaping, fire pits, outdoor seating areas, and cabanas. MWest Holdings’ Senior Asset Manager Andrew Paulson added, “The acquisition of the Milano represents MWest’s ongoing commitment to expanding our core portfolio with strategically-located well-designed and highly-functional multi-family investments that cater to the needs of the local tenant base. Because of the submarket’s increasing demand for high-quality amenity-rich assets, we anticipate that these assets will generate favorable risk-adjusted returns for our firm.”