LOS ANGELES—MWest Holdings has purchased Emerald Terrace, a 302-unit apartment complex between Silverlake and Koreatown on the eastside of Los Angeles, from Fairfield Residential. This is one of several purchases that MWest has made this year on the eastside of Los Angeles, and, in line with its other investments, it plans to execute a value-add strategy on the circa 1970's property. The sales price of the purchase was not disclosed.

"We are really excited about the neighborhood and about everything that is happening in Koreatown and Silverlake. This is a great bridge between the two," Karl Slovin, president of MWest Holdings, tells GlobeSt.com. "We think it is fantastic what Kennedy Wilson has done across the street with the Chadwick, and we find that inspiring. We are pretty excited about this project. The Koreatown, east corridor is really a vibrant neighborhood, and we have done quite a bit of investing in that area over the last six months."

MWest will invest an additional $3 million to $4 million into the two-building property to upgrade the interiors and exteriors of the building and add in a full amenity package. "We are working with Wade Killefer of KFA to do a whole rebranding and repackaging of the building," adds Slovin. "We are going to join the two buildings together as one to create a more cohesive community. We will come up with a full amenity package and redo the pool and all of the common areas."

The property was fully marketed by Fairfield and was a competitive bidding process, according to Slovin, but the investor won the property thanks to its relationship with the seller, knowledge of the local market and reputation of closing. Although the process was competitive—as everything is at this point in the cycle—it is worth it for the opportunity to be part of the growth in Los Angeles. "Everything is so competitive, but I believe that Los Angeles is undergoing a renaissance, and I think that we will look back 10 years from now and say that this was just the beginning of a new golden era in Los Angeles," says Slovin. "Being able to find 300-units in the middle of town is very exciting for us and it is definitely a great opportunity."

Fairfield purchased the property in 2002 for $52.7 million, according to industry sources unrelated to the deal. MWest plans to hold the property for five to seven years, after it has completed a renovation plan and stabilized the property.