Metro LA Community Changes Ownership in $21M Deal
MWest Holdings financed the acquisition of Harbor Terrace with a $15.8 million loan held by Prime Finance Partners. The new owner will renovate and rebrand the asset.
Harbor Terrace
MWest Holdings has purchased Harbor Terrace, a 93-unit apartment community located in San Pedro, Calif., for $20.8 million. According to Yardi Matrix data, seller Klingbeil Capital Management bought the property in 2005 for approximately half of the current sale price. MWest’s acquisition was subject to a $15.8 million loan held by Prime Finance Partners. As of June, the property was 95.7 percent occupied.
Located at 441 W. Third St. in the city’s Arts District, Harbor Terrace is close to the port of Long Beach and is within a 20-minute walk of the San Pedro Fish Market. The property is within walking distance of transportation links as well as dining and retail establishments.
Completed in 1987, the community includes studios and one- and two-bedroom floorplans ranging from 415 to 850 square feet. The three-story asset features one level of above-grade parking, a courtyard, a fitness center and three laundry facilities. The new owner plans to rebrand the asset and carry out renovation works including repainting the building, creating new outdoor common areas and upgrading all units.
In late 2018, MWest acquired The View, a 168-unit luxury apartment community in the Koreatown district of Los Angeles. The property previously underwent a $25.5 million redevelopment program.
