M West Holdings Announces Acquisition of The Fulton Apartments in Sherman Oaks, CA

SHERMAN OAKS, Calif., June 29, 2011 /PRNewswire/ -- M West Holdings announced today the acquisition of "The Fulton", a 64,000 square foot, 43-unit upscale apartment building located at 4629 Fulton Avenue in Sherman Oaks.  The Fulton is ideally located in the heart of one of the most desirable submarkets in the San Fernando Valley, just blocks from the affluent trade corridor of Ventura Boulevard.  The shopping amenities of Ventura Boulevard offer residents a diverse roster of nationally and regionally branded tenants in the heart of Sherman Oaks. The property is surrounded by more than one hundred restaurants and shopping amenities, top schools, and a local business hub.

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Built in 1964, The Fulton is a three-story mid-rise apartment community, featuring secure underground parking, a beautiful pool and soon to be completed fitness center.  The apartment units were constructed as luxury rentals and are significantly larger than most competing properties in the surrounding submarket, with the average unit size exceeding 1,500 square feet.

The acquisition of The Fulton was completed in an off-market transaction and the investment is representative of M West's value-add multi-family strategy with the end goal of repositioning the property into a stabilized income-producing core asset. M West will execute its value-add strategy by repositioning the building through significant upgrades to the lobby and common areas, cosmetic enhancements to the exterior, adding a fitness center, and fully remodeling unit interiors as they come to market.  

This property's excellent location attracts residents for its easy access to major neighboring cities including Beverly Hills, Brentwood, West Los Angeles, Studio City and Hollywood.  Residents can gain access to these neighborhoods by either the canyon roads of Laurel Canyon Boulevard and Coldwater Canyon Boulevard or the 405 and 101 major freeway arteries. Tenants also have easy access to Downtown LA, and the Santa Clarita and San Gabriel Valleys.  M West's Senior Vice President, Matthew Ellis stated, "Unrealized value as well as location, were the two driving factors which initially sparked our interest in this off-market deal. We were able to immediately identify the property's potential and its ability to be repositioned through M West's re-branding strategy. The Fulton will be a great addition to our growing Los Angeles apartment portfolio."

M West Holdings' President, Karl Slovin, commented: "We were very pleased to quickly and efficiently close this transaction.  While the repositioning of an asset does not take place over night, we are confident that this investment, acquired at a well below replacement cost, will produce stable returns for our firm over the course of our long term hold period.  We have a positive outlook for Class-A multi-family communities located in the Sherman Oaks submarket and believe that this property has the potential to command some of the highest rents in the submarket."

Celebrating 20 years in business, M West Holdings, LLC is a diversified commercial real-estate investment firm. Since 1991 M West has acquired, developed and operated over 40 projects across the United States. The firm's portfolio includes office, industrial, multi-family, retail and other properties nationwide. More information regarding M West can be found online at www.mwestholdings.com.

SOURCE M West Holdings, LLC