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 of a 168-unit, 13-tale luxury high-rise apartment community located in the Koreatown district of Los Angeles.

The View, located at 3460 West 7th Street, was originally constructed in 1965 and underwent an extensive redevelopment in 2013, entirely transforming the building. Unit interiors have been fully amenitized with Caserstone countertops, soft close cabinetry, Frigidaire stainless steel appliances, double basin stainless steel sinks, recessed lighting, and washer/dryer combination units. The community features a modern Yoga Works studio on the ground floor, fully equipped fitness center, large pool and sundeck, barbeque area, outdoor lounge and community room.

The Koreatown submarket is experiencing a development boom, evidence of the area’s gentrification. With a walk score of 96, residents have access to restaurants, entertainment and nightlife. The building is conveniently located one block from the Wilshire/Normandie station, and the Wilshire/Vermont metro station is located less than a mile away.

MWest plans to capitalize on the asset’s A+ location by providing minor interior upgrades and revitalizing the existing common areas and community amenities.  

“The View is an example of a unique core-plus buy where we can make thoughtful upgrades to an already desirable asset in a growing community, with the goal of ensuring an enjoyable living environment both new and existing residents will delight in,” said Karl Slovin, President of MWest Holdings. 

MWest Holdings is a vertically integrated real estate investment and property management company with over 2 million square feet of residential and commercial property across the United States. Founded in 1991, MWest is known for making innovative development solutions that instill a sense of neighborhood and integrity and make a lasting, tangible value. 

Powered by WPeMatico

OAK BROOK, IL – JVM Realty, a leading vertically integrated multifamily real estate investment and property management firm, announced it has completed renovations to the common areas of the Avant at the Arboretum Apartments, a 310-unit luxury apartment community in Lisle, Ill., near Downers Grove, Naperville and Oak Brook.

“Avant was already an outstanding community located in a fantastic submarket, and these improvements make the property even better positioned to compete in today’s marketplace,” said Jay Madary, president and CEO of JVM. “That’s because these common-area renovations truly address the demands of the modern renter, whether it be their need for pet-friendly amenities, comfortable areas for socializing or spaces to work.”

Among the new features at Avant: an off-leash pet park, a pet-washing station, an automated package room with 24-hour access, an upgraded fitness center, a co-working lounge, a rent-by-the day workstation/conference room, and custom-designed one- and two-bedroom model units. The upgrades also include an updated community kitchen and bar area; a renovated clubhouse with billiards table, shuffleboard and a vintage video game table; and an upgraded cinema room.

Sitting along the prestigious I-88 Corporate Corridor, Avant is in one of the most dynamic areas in suburban Chicago. Lisle has been listed on Money Magazine’s “Top 20 Best Places to Live in America” and included on Niche.com’s list of “Best Places to Live in Illinois.” The community is a quick Metra ride away from downtown Chicago, and it also offers convenient access to I-355, IL-53 and US-34 (Ogden Ave.). Furthermore, Oakbrook Shopping Center, one of the premier shopping destinations in the Chicagoland area, is an simple 15-minute drive away.

Avant offers spacious one- and two-bedroom apartment homes. The units contain gourmet kitchens with granite countertops, stainless steel appliances, side-by-side refrigerators, over-the-range microwaves, 42-inch kitchen cabinets and under-mount sinks. The apartment homes also feature large patios/balconies.

At Avant, apartment homes are wrapped around a courtyard and a structured parking garage that provides residents with parking on the same level as their homes.

Powered by WPeMatico

PHOENIX, AZ – TruAmerica Multifamily, in joint venture with an institutional capital partner, has bought a two-property, 472-unit apartment portfolio in Tempe, AZ for $67.3 million increasing its local portfolio to more than 2,400 units. 

“We continue to be net buyers in Phoenix, and Tempe in particular,” said TruAmerica Director of Acquisitions Chris MacLeod.  “Nearly six out of 10 residents in Tempe are renters making it the highest propensity to rent-vs-own submarket in Arizona.  Despite the robust population and job growth, not much product has been added to the inventory.  What has been built, is higher priced mid- and high-rise development, out of the reach of the majority of the area’s renter population.   This has made a severe supply/demand imbalance and an extremely competitive investment environment.  In the end, it was our local relationships and reputation for execution that was key to acquiring the portfolio,” said MacLeod.

The portfolio is comprised of 276-unit Highland Park and 196-unit Park View, located within a block of one another near the I-10 and Baseline Road, one of the major east/west arterials in Tempe.  Each low-density garden style development was built in the early 1980s and feature one-, two- and three-bedroom apartment homes.  

Each community is highly amenitized with resort style pools, fitness centers, clubhouses and recreational areas.  The properties are within a 20-minute commute from three major employment hubs: Sky Harbor, Downtown Tempe, and Papago, which accounted for more than 50 percent of the job growth experienced by the Phoenix metro from 2017 to 2018.  

With the majority of apartment units still in their original condition, Highland Park and Park View represent a strong value-add opportunity for TruAmerica. TruAmerica will initiate a significant capital improvement program across the portfolio including upgrading apartment interiors, renovating all community amenities and refreshing exteriors and landscaping to meet the demands of today’s renter. 

The acquisition was leveraged with favorable financing through Freddie Mac’s Select Sponsor Program originated by the CBRE Capital Markets team led by Vice Chairman Brian Eisendrath.

Powered by WPeMatico