LOS ANGELES, CA – MWest Holdings, a Los Angeles-based real estate and investment firm with over 2 million square feet of residential and commercial property across the U.S., announced the acquisition and plotted rehabilitation of a 3 tale, 42-unit townhome community located in Canoga Park, CA in a transaction valued at nearly $12 million. 

Built in 1991, the community located at 8761 De Soto Avenue has a mix of one, two and three-bedroom floorplans ranging from 750 to 1,300 square feet. Most townhomes have high ceilings, laminate flooring, fireplaces and select units have walk in closets and renovated kitchens. Community amenities include on-site parking, a laundry facility and a large pool/jacuzzi. The newly bought property is expected to receive upgrades to unit interiors, and community enhancements including exterior paint.  

With the building being conveniently located less than 5 miles from the Warner Center, residents have access to one of the fastest growing employment centers in all of Los Angeles County. The area is now home to approximately 4,200 multifamily units and millions of square feet of commercial and office space. Notable developments include the Westfield Promenade Mall, Kaiser Permanente Hospital, Westfield Topanga & Village and the Warner Center Business Park and Plaza, consisting of numerous high-rise office buildings that give the Warner Center its distinct skyline.  

Residents also benefit from the community’s close proximity to major freeways that enable access to many of the San Fernando Valley’s employment hubs in Burbank, Glendale, Simi Valley, Santa Clarita Valley, Westside Los Angeles and Downtown Los Angeles. The property is within 2.2 miles of the Chatsworth Metrolink station which offers public transit access to large employment centers between Warner Center, Studio City, Burbank and Downtown Los Angeles. 

“NoVa townhomes is an example of an brilliant value-add buy where we can add meaningful value,” said Karl Slovin, President of MWest Holdings. “We look forward to providing the upgraded interior amenities and welcoming feel that renters value.” MWest Holdings will change the name of the townhome community from Sunset Gardens to NoVa Townhomes, indicating its North Valley location.  

MWest Holding’s Chief Investment Officer, Matthew Ellis states, “We have had the excellent fortune to be able to pick up two assets in the last two months. Through our relationships with brokers and our reputation for quickly closing every deal we have ever taken under contract, transactions such as these have been simple and painless for both buyer and seller.” 

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PITTSBURGH, PA – Capstone On-Campus Management (COCM) announced its recent selection to serve as the manager of Brottier Hall, an apartment-style campus residence hall at Duquesne University.

This comes as part of a larger partnership between Duquesne University, Radnor Property Group (“Radnor”) and Harrison Street Real Estate Capital (“Harrison Street”) to modernize and renovate the property. The Duquesne project marks the first COCM on-campus partnership with Radnor and the fourth with Harrison Street. 

Located on the corner of Boyd and Locust Street, Brottier Hall, a 20-tale building on Duquesne University’s campus, houses approximately 660 juniors, seniors and graduate students in studio, 1- and 2- bedroom apartments, with retail on the street level.

The redevelopment that is expected to be finished over four summers (beginning in 2018), will include new flooring and finishes, bathroom plumbing and electrical fixtures, vanities and bathtubs, kitchen cabinets, countertops and appliances, and new windows throughout the building, among other improvements. 

The addition of Brottier Hall extends COCM’s reach into Pittsburgh, a new city for the company. COCM’s Student Housing Professionals are honored by this selection and dedicated to enhancing the living and learning experience for the students of Duquesne University. 

COCM is a company of talented Student Housing Professionals focused on leveraging on-campus housing to enhance recruitment and retention as well as student satisfaction and success. 

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PHOENIX, AZ – Emma Capital Investments announced the acquisition of Zazu Apartments, a 184–unit garden style multi-family apartment community located at 1502 East Osborn Road, Phoenix, AZ, at a buy price of $22,250,000. This is Emma Capital’s 31st buy in the United States and brings its total acquisitions to date to approximately 7,800 apartment units in seven different markets.

Zazu Apartments was built in 1953 and underwent a significant infrastructure investment during 2008-2010. The Property is strategically located to attract the trendy midtown Phoenix crowd and is easily accessible to the central business district, spanning from downtown’s hipster Roosevelt Row to Central Avenue’s budding Arts District to north central Phoenix’s swanky Uptown Square. Further, it is only a five-minute drive from the premiere Biltmore / Camelback Central Business District and Fashion Park luxury retail destination. 

The property has an attractive unit mix, offering seven different floor plans made up of 9 studio units, 124 one-bedroom units, and 51 two-bedroom units, with an average unit size of 788 sqft.  The gated community features two large swimming pools. The main pool has a large custom cabana, a spa, and a resident sand “beach” for sun tanning and picnics. Common area amenities include a 3-D movie theater room, resident gym, dedicated resident lounge, coffee bar, dog walk areas, outdoor amphitheater, and large open courtyards with lush exotic landscaping.

“We are very excited to add Zazu Apartments to our portfolio in the Phoenix Market Area,” stated founding Partner and Co-Owner Haya Zilberboim. “Zazu Apartments has been self-managed by the same owner for the past 11 years. Since 2008 the owner invested into the property over $6.3 million in interior and exterior capital improvements.  Emma Capital sees the potential to streamline the property’s operation, invest in the apartments’ interiors to bring them up a notch, and add washers and dryers to all units.”

“This investment is our 8th in the Phoenix area,” added Partner and Co-Owner Oz Cohen. “We will continue to do our growth strategy and expand our presence across all of our existing markets in all multi-family property classes, as well as grow into new submarkets such as Tampa, FL and Louisville, KY”

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