MWest Closes Third Heritage Project Deal

Park Wilshire Apartments is located at Located at 2424 Wilshire Boulevard.

LOS ANGELES—MWest Holdings has officially acquired the Park Wilshire Apartments in Westlake. The deal was previously announced as an unnamed acquisition in the Wilshire Corridor. It is one of three properties recently purchased by the firm for its Heritage Collection. As a Heritage Collection project, MWest will transform the historic asset back to its original grandeur. The name of the seller and the purchase price were not disclosed.

“We have a lot of faith in the Westlake area,” Karl Slovin, president of MWest Holdings, tells GlobeSt.com. “We are seeing the pressure from Downtown Los Angeles and the pressure from Koreatown pushing renters into this middle area that has very interesting historical properties. Plus, the market offers all of the amenities of Downtown Los Angeles and all of the amenities of Koreatown, like clubs, bars, restaurants, and most importantly, the employment. It’s a relative value for those tenants to move into the Westlake area, and there is a tremendous amount of interest in these historical buildings because it gives tenants a sense of place and character. Located at 2424 Wilshire Boulevard, the property was originally built in 1924 as a hotel in the Italian Renaissance Revival style. It is a concrete building covered by bricks, making it a perfect fit for the firm’s Heritage Collection, which typically plucks concrete-poured buildings from the 1920s. “Our intention is always to bring back the initial greatness of the building, and that is one of the things that we find our tenant base really enjoys and responds to,” Slovin explains.