Locally based Westport Capital and Hermosa, CA-based CoastlineCapital plan to upgrade and improve the multifamily property. Theone-, two- and three-bedroom units, housed in 42 separatesingle-story four-plex buildings, average 950 sf in size. Nopurchase price was disclosed.

Westport Capital also reports it has entered into a jointventure (the Angeles Group LLC) with Boston Associates to developaffordable for-sale housing in targeted middle and lower incomeareas within Los Angeles County, CA. To date, the venture haspurchased six sites with an additional property under contract,company officials say. The venture will seek to build a high volumeof relatively small townhome development projects, containing 10 to20 units each.

On the financing side, Westport Capital officials say the firmhas purchased an existing mezzanine loan on the Harrison acondo-conversion project located in Downtown Portland, OR. Theproject is comprised of three residential towers and one commercialbuilding. Upon completion, the newly renovated complex will feature540 units containing 430,000 sf of residential space and 550parking spaces. The firm did not provide any specifics on the valueof the mezzanine loan.