The Real Deal Los Angeles

Mwest Holdings acquires Westlake building, plans upgrades

Sherman Oaks company purchased the 20s-built complex this month

July 26, 2016 04:00PM

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The Park Wilshire apartments at 2424 Wilshire Boulevard (credit: CoStar)

The Park Wilshire apartments at 2424 Wilshire Boulevard (credit: CoStar)

Developer MWest Holdings is planning a million-dollar renovation of the aging, 1920s-built Park Wilshire apartments, yet another indication of Westlake’s emergence as an up-and-coming Los Angeles neighborhood.

The Sherman Oaks-based MWest purchased the MacArthur Park-adjacent apartments this month from Bay Area real estate investment firm Montgomery Partners, according to CoStar.

Located at 2424 Wilshire Boulevard, the 170-unit apartment building will be renovated as tenants move out, the L.A. Times reported. The real estate firm plans to re-light the neon Park Wilshire sign at the top of the building.

“We feel it hasn’t gotten the attention it deserves,” MWest President Karl Slovin told the Times. “We see the pressure coming from downtown, the pressure coming from Koreatown, and this middle area is now becoming ready for the investment of capital.”

MWest has another project soon to be wrapped up — renovating the lobby of the Wilshire Royale, also a historic building in Westlake. It is also planning light renovations on Downtown L.A.’s San Fernando building, which it purchased from Tom Gilmore.

Ground-up construction is also on the rise in Westlake .Developer Steve Torkian is planning a Westlake multifamily complex — a 218-unit building to rise on the parcel of land bounded by Hartford Avenue, Witmer Street and 5th Street, The Real Deal previously reported. [LAT]Cathaleen Chen