Mwest Holdings acquires Westlake building, plans upgrades

Los Angeles /
Jul.July 26, 2016 04:00 PM

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


Related Articles

arrow_forward_ios
Six Peak's Director of Development Derek Sanders and the development site (Six Peak, Google Maps)

Six Peak Capital affiliate plans 110-unit apartment in Westlake

Six Peak Capital affiliate plans 110-unit apartment in Westlake
The corner property on W. 6th Street in Westlake (Credit: Google Maps)

Elias Shokrian advances 100-unit Westlake project

Elias Shokrian advances 100-unit Westlake project
West Hollywood Community Housing Corporation CEO Jesse Slansky and Miramar Gold (Credit: 64North/Urbanize)

LA expedites first supportive housing project under new state law

LA expedites first supportive housing project under new state law
500-512 S. Union Avenue (Credit Google Maps and iStock)

TOC project with 85 units planned in Westlake

TOC project with 85 units planned in Westlake
930 S. Park View Street (Credit: Google Maps)

Chateau Group files for 65-unit complex in developing Westlake

Chateau Group files for 65-unit complex in developing Westlake
Dr. Jayasinghe and a rendering of the project (Credit: Metro via Curbed)

Metro rejects plastic surgeon’s 907-unit development in Westlake

Metro rejects plastic surgeon’s 907-unit development in Westlake
A map of Westlake (Credit: Google Maps and iStock)

Developers are digging into multifamily projects in Westlake

Developers are digging into multifamily projects in Westlake
LA City Councilmember Gil Cedillo and Jade Enterprises’ Sapphire development (credit: Scott L on Flickr)

Westlake abandoned its affordable housing requirements a decade ago. Things have changed

Westlake abandoned its affordable housing requirements a decade ago. Things have changed
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...