Information contained on this page is provided by companies via press release distributed through PR Newswire, an independent third-party content provider. PR Newswire, WorldNow and this Station make no warranties or representations in connection therewith.
SOURCE M West Holdings
LOS ANGELES, March 4, 2013 /PRNewswire/ -- M West Holdings, a vertically integrated private real estate investment company, announced today the continuation of its aggressive growth strategy in Los Angeles with the acquisition of the iconic Guardian Arms apartment complex. "We are extremely excited to become a part of the rapid transition in Hollywood by adding an irreplaceable 1928 vintage property on Hollywood Boulevard to the portfolio. This acquisition represents our ninth major acquisition in Southern California," according to Karl Slovin, President of M West Holdings. Consisting of 101 multi-family units and approximately 9,000 square feet of ground-floor retail space, the property is situated in East Hollywood, a historic neighborhood currently experiencing a rapid renaissance, and is bordered by Central Hollywood and Los Feliz. M West Holding's SVP Matthew Ellis comments on the surrounding area saying, "This dense infill location currently benefits from over $3 billion in new, planned, or recently completed developments, and we are thrilled to become active participants in the further development of this astonishing community."
Constructed in 1928, this seven-story hotel quickly became the destination for many Hollywood film stars due to its prestigious address and spectacular unobstructed views, which include the Hollywood sign and Griffith Park Observatory. The Guardian Arms Hotel was also home to the Elizabeth Short (known as the famous Black Dahlia), who resided there for a short period of time in 1946. Today this iconic building is known as the New Hollywood Apartments, although M West will return its original name. "We are proud to be a part of this property, which is rich in Hollywood history, and we're committed to its revitalization and preservation for decades to come," says Slovin, "Our extensive renovation plans include a restoration of the bygone charm of the building's original facade."
Ellis comments further on the renovations saying, "The lobby, hallways, and unit interiors will benefit from our experienced architectural design team to offer tenants and guests with a classic Hollywood experience throughout the building while providing all the contemporary amenities." The apartment units will be upgraded to carefully preserve the historical features, including polished concrete flooring, new but historically appropriate countertops, and stainless steel appliances.
M West Holdings, a vertically-integrated investment holding company has invested in commercial real estate since 1991. M West benefits from a management team of seasoned professionals with backgrounds in all facets of commercial real estate investment. M West focuses on core-plus and value-add multi-family opportunities in pre-defined markets. The firm acquires, renovates, leases, and manages real estate property in Southern California and New York City to provide limited partners with outstanding cash flow and long-term performance.
©2012 PR Newswire. All Rights Reserved.