LOS ANGELES, May 2, 2013 /PRNewswire/ -- M West Holdings, a vertically-integrated private real estate investment company, announced today its newest Los Angeles acquisition with the purchase of 1617 Cosmo Street, a 48-unit loft-style apartment building located in the heart of Hollywood. According to President of M West Holdings, Karl Slovin, the firm was attracted to the property's unique history: "Constructed in the 1920s, this four-story concrete building initially served as a furniture warehouse. Recent renovations have transformed the structure into ultra modern live/work lofts that celebrate the building's past while embracing the creative mindset of LA's film and entertainment industries right in the heart of Hollywood. We are excited to become a part of this innovative community."
Consisting of 12 duplexes and 36 lofts, each unit incorporates elements of the building's distinctive architectural qualities including fluted columns, high ceilings, large windows, and spiral steel staircases. Residents have immediate access to Hollywood's hottest restaurants, live theaters, nightclubs, and retail, as well as many of the area's newest developments, including the Metro Red-Line station at Hollywood Boulevard.
Andrew Paulson, M West's Senior Asset Manager, states, "As the economy continues to recover and exhibits signs of increasing stability, M West believes the acquisition of Cosmo Lofts represents an outstanding opportunity to own a high quality asset, with secure long-term cash flows, in a vibrant and growing market."
One of the best amenities this property offers is its spectacular 6,000 square foot rooftop deck. Currently under-utilized, M West's SVP, Matthew Ellis commented, "This deck is second in size only to the W Hotel's roof deck and after renovations, it will provide an excellent opportunity to lease the space for various Hollywood-inspired events. M West has hired MAKE Architecture to refresh the building's lobby and roof deck." While M West will retain the urban feel of the building, they plan to upgrade unit interiors with new kitchens and bathrooms. The unit upgrades will be designed to create a boutique feel with an edge, to attract the dynamic, creative residents and office users looking for a live/work loft in the area. This building is the perfect is the perfect complement to M West's growing portfolio in the Los Angeles Market.
M West Holdings, a vertically-integrated investment holding company, benefits from a management team of seasoned professionals with broad backgrounds in all facets of commercial real estate investment. M West focuses on core-plus and value-add multi-family opportunities in pre-defined markets and acquires, renovates, leases, and manages real estate property in Southern California and New York City to provide limited partners with outstanding cash flow and long-term performance.
SOURCE M West Holdings, LLC