MWest’s condo complex buy is first venture into San Pedro
The Sherman Oaks firm picked up the 89-unit property from Bascom
MWest Holdings is the latest investor to make a play in San Pedro.
The Sherman Oaks-based firm picked up the 89-unit San Pedro Bank Lofts condominium complex at 407 W. 7th Street, according to the Los Angeles Business Journal.
MWest paid $36.3 million for the property from Irvine-based Bascom Group.
The sale comes out to around $407,600 per unit for the four-story San Pedro Bank Lofts building. Bascom paid $23.8 million for the building in 2014 via an LLC.
The building dates from 2007 and was designed to evoke a traditional loft, including exposed HVAC and sprinkler systems. It incorporates the façade of the Bank of San Pedro dating from the 1920s. The property features four public courtyards, according to MWest’s website, which lists the building as its only San Pedro property.
San Pedro has seen a recent flurry of development-related activity. In April, local officials signed off on an apartment conversion of the historic Harbor View House near downtown. Later that month, Harridge Development Group paid $151.6 million for a 60-acre development site with plans to build 676 homes.
Meanwhile, MWest’s last acquisition came in March, and was for the 132-unit Santa Fe Lofts building in Downtown Los Angeles. MWest is spending $6 million to rehab that 100-year-old building. [LABJ] — Dennis Lynch