Acquisition of Keswick Court Apartments in Culver City, CA

CULVER CITY, Calif., June 28, 2011 /PRNewswire/ -- M West Holdings announces that it has acquired a 64,000 square feet, 60-unit apartment building located at 3902-3920 Lenawee Avenue, only a few miles from the new Culver City Downtown. Culver City is bordered by Santa Monica and Venice to the West, and by Downtown Los Angeles to the East. The property sits less than two miles away from West Los Angeles College, and is minutes away from the new, and almost complete, Phase I Exposition Transit Corridor; this will be the first transit connection between Downtown, Los Angeles, the Westside and Culver City.

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Constructed in 1959 and 1965, The Keswick Court Apartments is a two-story garden style, apartment community. The complex includes two two-story garden style apartment buildings, features two lushly landscaped courtyards, and a newly remodeled pool.

Similar to M West Holding's two previous acquisitions, this transaction reflects the company's strategy to acquire Southern California multi-family properties located in stable, in-fill markets. The Keswick Court Apartments is within close proximity to desirable local amenities including restaurants, entertainment venues, and mass transportation. Located minutes from the Los Angeles International Airport, top Los Angeles universities, Downtown Los Angeles, and various beaches, The Keswick Court Apartments caters to a wide array of potential residents. Location, combined with strong employment and the high quality of life enjoyed on the Westside, contribute to the consistently low vacancy rate in Culver City.

The property is adjacent to La Cienega Blvd, a major thoroughfare which connects Hollywood and Beverly Hills to LAX and the South Bay. The property is surrounded by some of the most prestigious cities in Southern California including Beverly Hills, Century City, Westwood, Brentwood, Santa Monica, and Marina Del Rey. Senior Vice President, Matthew Ellis states, "Culver City is an affordable, affluent, Westside community, with excellent neighborhood shopping available on Sepulveda and Venice Boulevards, and a newly revitalized walkable downtown. Apartment fundamentals have remained very strong in Culver City, and this trend is expected to continue into the foreseeable future. We look to enhance the property's current fundaments by adding tenant amenities and renovating the units with high end finishes, which will include hardwood flooring, new kitchens, granite countertops and new windows."

Karl Slovin, M West Holdings' President, states: "We are excited about the opportunity to continue our aggressive acquisition strategy in Los Angeles. Barriers to entry remain extremely high for newly built multi-family product in Southern California, and thus once our turnaround program is achieved, we believe that market fundamentals will be strong in the long term for historically underperforming, underappreciated, poorly operated assets such as this one."

SOURCE M West Holdings, LLC