ACQUISITIONS
MWest focuses on acquiring properties in Los Angeles and around the U.S., seeking out architecturally rich and historic buildings that can be enhanced, restored and revitalized. These buildings are located in communities experiencing growth, cultural and community change and economic expansion. MWest prides itself on its due diligence assuring that all acquisitions undergo detailed analyses that include the complete underwriting of macro- and micro-market conditions, deferred maintenance, capital improvements, rental rates, competitive assets, and new-construction starts.
FINANCIAL MANAGEMENT
MWest conducts analyses of returns, asset valuations, assessments of current business cycles, market conditions, maximization of property values, and budgeting and forecasting regularly on each asset to ensure maximum returns are achieved. All assets are operated within their budgets and acceptable budget variances. For Los Angeles properties under management by Polaris Property Management we use the most advanced property-management platform to provide accurate, meticulous accounting that includes comprehensive financial-management and detailed investor reporting.
CONSTRUCTION MANAGEMENT
Restorations, renovations, and property modernization are handled by MWest’s experienced in-house team of construction managers. From project planning and budgeting through execution, we ensure that all details of construction are delivered on time and on budget.
LEASING
MWest develops a comprehensive marketing and leasing strategy for every acquired and renovated asset, ensuring that properties meet the highest industry standards and achieve maximum rental growth year after year. Our on-site property managers assess properties regularly and work with management to achieve optimal base rents.
MULTIFAMILY AND OFFICE-PROPERTY MANAGEMENT
In Los Angeles, through our property management division, Polaris Property Management, MWest delivers high-quality services to ensure resident and tenant satisfaction and long-term value of the property. As one of the leading middle-market residential and commercial property management companies, our entrepreneurial drive and creative spirit allows us to be flexible and innovative in all our management projects. By attracting, training and retaining the best talent, we have set a new standard for service and support in our industry.
MWest properties outside Los Angeles are managed by highly regarded third-party property managers who are charged with delivering the same level of service that defines Polaris.
Case Studies
Since 1991, MWest has had a track record of success. The following are our most recent accomplishments:
Newberry Lofts
45 Units Purchased: March 2012
Purchase Price: $9,100,000
Sold: August 2015
Sales Price: $17,425,000
Levered IRR: 35.94%
Levered Equity Multiple: 2.09
Upon acquisition MWest Holdings immediately began renovations of the extra-large lofts, adding high-end kitchens and bathrooms consistent with Class A condos in the submarket.
31 Eleven
60 Units Purchased: July 2012
Purchase Price: $16,465,000
Sold: August 2014
Sale Price: $26,500,000
Levered IRR: 41%
Levered Equity Multiple: 2
Extensive improvements to both exterior and unit interiors made possible a profit of 2X in just over two years.
Keswick Court Apartments
60 Units Purchased: May 2011
Purchase Price: $11,150,000
Sold: April 2014
Sale Price: $14,940,000
Levered IRR: 22%
Levered Equity Multiple: 2
Extensive renovation to the exterior, units, and structural/mechanical systems resulted in a profit of 2X in three years.
105-107 St. Mark's Place
48 Units Purchased: May 1993
Purchase Price: $1,624,937
Sold: January 2006
Sale Price: $11,000,000
Levered IRR: 37%
Levered Equity Multiple: 9
Purchased and operated as rental apartments, 105–107 St. Mark’s Place was sold to a condominium developer in January 2006, realizing a profit of 9X.
1256 North Flores Street
13 Units Purchased: February 2002
Purchase Price: $1,570,000
Sold: August 2004
Sale Price: $2,750,000
Levered IRR: 57%
Levered Equity Multiple: 2
North Flores was sold just 30 months after acquisition, realizing a profit of 2X.
Hidden Pond at Old Westbury
Hidden Pond was formally a private horse-riding camp owned by the Entenmann family of cookie-and-cake fame. We developed this property into 16 estate lots ranging in size from 2 to 6.5 acres. Lots were 100% sold in 2014.
The beauty of the land was preserved, while creating simple, easy-to-build lots for those who wanted to see their own vision realized in a wooded, gated community an easy drive from Manhattan. Special attention was paid to the preservation of the natural environment; the sheer number of specimen trees on the grounds required great care and an expert hand.
9099 Westheimer Road
Purchased in 2005, redevelopment of this Houston office building was slowed by the recession, but following asbestos abatement and demolition of the old office building, we created a new retail center on the site.
Sold in 2014, 9099 Westheimer is 100% occupied, including a newly signed 10-year lease for the largest space in the center (12,830 square feet) to a group of local investors looking for new stabilized assets.