LOS ANGELES, CA – MWest Holdings, a vertically integrated private real estate investment and property management company based in Los Angeles, with more than 2.5 million square feet of residential and commercial property across the U.S., announced the acquisition of Harbor Terrace, an apartment building in the San Pedro Arts District. Harbor Terrace, located at 441 West 3rd Street, is MWest’s second investment in San Pedro in just the last year, following the acquisition of San Pedro Bank Lofts in late 2018. The transaction is valued at $20.8 million.

Like earlier MWest acquisitions in the Downtown Los Angeles Arts District, Santa Monica, Echo Park, and Koreatown, Harbor Terrace is located in a thriving, exciting, up-and-coming community. San Pedro borders Rancho Palos Verdeswith its million-dollar estates, the Port of Long Beach, and the City of Long Beach, and is 30 minutes from downtown Los Angeles. With its unique architecture and artist communities, Downtown San Pedro recalls the early days of the Downtown Los Angeles Arts District or Echo Park and Silverlake around 2012 and 2013.

Constructed in 1987, Harbor Terrace is a 93-unit, three-tale apartment community of studio, one-bedroom, and two-bedroom units, and features one level of above-grade parking, courtyard, fitness center, and leasing office. In addition to rebranding the property, MWest will contribute a wide array of amenities, including repainting the entire location, making new outdoor common areas, and renovating all units.

“After first acquiring a building there last year, we are thrilled to return to the San Pedro neighborhood,” said Karl Slovin, President of MWest Holdings. “Harbor Terrace, when perfectly renovated, will complement one of the city’s most exciting arts communities.”

The most desirable neighborhood in San Pedro, located close to the port of Long Beach, the Arts District is home to more than 30 studios and galleries, and features many restaurants and pubs and arts and crafts stores, as well as the Warner Grand Theatre, the historic, art-deco movie palace. The property is part of a neighborhood that will soon be going through major landscape-altering renovations, including the San Pedro Public Market, a redevelopment of the San Pedro Waterfront scheduled to open in 2020; an 80-unit boutique hotel proposed next to the Warner Grand Theatre; and the Alta Sea marine research facility.

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TAMPA, FL – Providence Real Estate, a multifamily owner-operator, announced the completion of the acquisition of the IMT Boot Ranch Apartments in the Palm Harbor submarket of Tampa, Florida. The Property was bought in a joint venture with a Fortune 500 company that is a global provider of risk management solutions.

Boot Ranch is a 432-unit apartment community developed in 1996 on 30 acres consisting of 17 residential apartment buildings and a one-tale clubhouse/leasing center. 

Boot Ranch offers residents quick beach access while still offering convenient access to major regional job centers, including the Westshore Office submarket and the expanding Tampa International Airport. The property is anticipated to undergo extensive exterior and interior renovations and will be renamed The Boot Ranch apartments.

“The acquisition of IMT Boot Ranch presents a fantastic opportunity for us to reposition a twenty-three-year-ancient property that will benefit from a significant renovation to enable it to provide high-quality rental housing for Tampa’s workforce. The Boot Ranch apartments will provide workforce renters with an upgraded living experience in a unique location allowing them to delight in the nearby award-winning white sand beaches while having quick and simple access to growing major regional job centers.” said Alan Pollack, Providence’s Chairman.

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GRAND RAPIDS, MI – Global architecture and engineering firm Ghafari Associates announced the completion of 601 Bond Apartments in Downtown Grand Rapids, Michigan. The completed building was unveiled at a ribbon-cutting ceremony on June 27, attended by New York-based developer Time Equities, Ghafari team members, contractor Pioneer Construction, and KMG Prestige, the property manager.

“The Monroe North neighborhood hasn’t seen much activity in recent years. With 601 Bond being one of the developments involved in its revitalization, it was vital to design the building to be a modern addition to its surroundings, while still responding to what already exists in the area,” said Tom Tooley, Senior Vice President of Ghafari’s Grand Rapids office. “The design blends modern and industrial components to make a contemporary living experience for new residents, while intentionally complementing the turn-of-the-century buildings nearby.” 

Ghafari provided architecture and interior design services for this new 16-tale, 310,000 SF multi-family development that boasts views of the Grand River and downtown. With its modern, high-end appearance, the development contains 202 apartment units, on-site covered parking, and 4,000 SF of storefront for retail and restaurant use. Residents will delight in amenities such as a rooftop deck with incredible views, a fitness center and lounge, and a pet grooming station. 

The project’s location – which offers simple access to the city’s growing dining and entertainment options, as well as close proximity to the city’s major corporate and healthcare employers – makes it attractive to potential tenants seeking an urban living experience.

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