MWest Makes Foray into New Market

Karl Slovin is the president of MWest Holdings.

LOS ANGELES—MWest Holdings has set its sights on the North Hollywood market. The value-add investor is known for targeting emerging Eastside Los Angeles markets, like Koreatown and East Hollywood, and for restoring historic multifamily properties. With KBS Strategic Opportunity REIT as its capital partner, MWest has entered the North Hollywood market with the acquisition of the Lofts at NoHo Commons, a three-story, 292-unit 2007 class-A apartment building, for $102.5 million.

“It is pretty exciting in that neighborhood. One of the things that we like is how active it has become,” Karl Slovin, president of MWest Holdings, tells GlobeSt.com. “We really believe in the future of the NoHo Arts District, given the transit and given the new development. We generally go in and buy 1920s product, and we saw a different kind of opportunity here.”