|By PR Newswire||
|February 6, 2014 06:25 PM EST||
LOS ANGELES, Feb. 6, 2014 /PRNewswire/ -- M West Holdings, a leading private real estate investment firm, announced today the acquisition of the Milano Apartments, a 248-unit luxury apartment complex located in the highly desirable South Bay city of Torrance in greater Los Angeles. Built in 1964, and renovated in 2007-2009, the amenity-rich property offers tenants highly functional single, 1-Bedroom and 2-Bedroom floor plans and numerous on-site conveniences including a state-of-the-art fitness center, two tennis and basketball courts, secured covered parking, a lavish clubhouse, internet cafe, business center, barbeque area, outdoor sundeck, two resort-style pools and spa. All units were completely renovated in 2007-2009 with new kitchen cabinets and counter-tops, crown molding, refinished bathrooms and new black or stainless steel GE appliances.
Milano Apartments is situated in the ideal location for multifamily housing in the South Bay, due to its proximity to the beach, major employers and easy transportation corridors. In addition to nearby restaurants, shopping and local attractions, Milano is located with convenient access to the 405 and 110 freeways as well as Metro Green Line light rail, providing residents with superior accessibility to the entire LA area. President of M West Holdings Karl Slovin states, "We are pleased to add such a tremendous core asset to our portfolio. We believe in the strong demographic trends, lack of buildable sites, and fantastic life-style choices available to our residents in Torrance."
M West plans to improve all property common areas to enhance the esthetics of the community. Architectural plans will be developed for new landscape, fire pits, outdoor seating areas, and cabanas. M West Holdings' Senior Asset Manager Andrew Paulson added, "The acquisition of the Milano represents M West's ongoing commitment to expanding our core portfolio with strategically-located well-designed and highly-functional multi-family investments that cater to the needs of the local tenant base. Because of the submarket's increasing demand for high-quality amenity-rich assets, we anticipate that these assets will generate favorable risk-adjusted returns for our firm."
Founded in 1991, M West Holdings, a vertically-integrated investment holding company, benefits from a management team of seasoned professionals with broad backgrounds in all facets of commercial real estate investment. M West focuses on core-plus and value-add multi-family opportunities and acquires, renovates, leases and manages real estate property in Los Angeles and New York City.
CONTACT: Jessica Linder
M West Holdings LLC
SOURCE M West Holdings
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