MWest Grows Heritage Collection with $100M Buy

The San Fernando Building is one of three properties purchased by MWest Holdings.

LOS ANGELES—MWest Holdings has added three new properties to its Heritage Collection, a total acquisition value of $100 million. The properties in the acquisition include the San Fernando Building in Downtown Los Angeles, the Kingsley in Hollywood and an unnamed asset still under contract in the Wilshire corridor. Like the other assets in the firm’s Heritage Collection, these are historic multifamily properties that need attention. According to the investor, the completed properties will add texture and character to the Los Angeles landscape.

“In the last 18 months, we have really been focused on buying these older properties that have a sense of place and character, and that our tenants, especially our younger tenants, seem to love,” Karl Slovin, president of MWest Holdings, tells GlobeSt.com. “We are looking for buildings that are architecturally important. That doesn’t mean that we won’t do a newer deal, but we are more excited, frankly, by buildings that have history and a sense of place. If we can find a building that hasn’t had any love or attention in 30, 40, 100 years, that gives us a lot of room to reimagine it and reinterpret it for today’s renters.”