LOS ANGELES-M West Holdings, a private real estate investment firm, has acquired the 248-unit Milano Apartment complex in the South Bay community of Torrance. The firm purchased the property for an undisclosed amount.

“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,” says Andrew Paulson, M West Holdings senior asset manager. “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.”

The South Bay market is very active with a high concentration of tech jobs and creative industries. Recently, the Marriott South Bay in Torrance took $76 million when Diamond Rock Hospitality sold the property to a foreign investor. The Milano Apartments property is located in a vibrant neighborhood near the 405 and 110 freeways and within close proximity to the Metro Green Line. This was one of the features that drove the company toward the purchase, according to M West Holding's president Karl Slovin, who says, “We believe in the strong demographic trends, lack of buildable sites, and fantastic life-style choices available to our residents in Torrance.”

Recently renovated in 2009, the property features one- and two-bedroom units with a wealth of building amenities like a fitness center, tennis and basketball courts, a clubhouse, barbeque area, outdoor sundeck, two resort-style pools and spa.