MWest Holdings Expands SoCal Footprint
The company has added to its portfolio Sunset Gardens, a value-add townhome community located in Canoga Park, Calif. The property will be rebranded as NoVa Townhomes.
MWest Holdings has purchased a 42-unit townhome community in Canoga Park, Calif., for nearly $12 million. The property known as Sunset Gardens will be rebranded as NoVa Townhomes. Polaris Property Management was appointed to manage the asset.
Located at 8761 De Soto Ave., NoVa is near freeways 27 and 118 and Interstate 405, which connect the property to the area’s major employment centers in Burbank, Glendale, Simi Valley, Santa Clarita Valley, Westside Los Angeles and downtown Los Angeles. The Chatsworth Metrolink station is roughly two miles from the property and offers access to Warner Center and Studio City as well.
Constructed in 1991, the three-story building comprises a mix of one-, two- and three-bedroom apartments, ranging from 750 to 1,300 square feet. Characteristics of the units include high ceilings, laminate flooring and fireplaces. Select units also feature walk-in closets and upgraded kitchens. Communal area amenities include on-site parking, a laundry facility and a pool. Additionally, the buyer plans to renovate the interiors of the units and repaint the exterior.
“NoVa townhomes is an example of an excellent value-add purchase where we can add meaningful value,” said Karl Slovin, president of MWest Holdings, in a prepared statement. “We look forward to providing the upgraded interior amenities and welcoming feel that renters value.”
In April, MWest Holdings, together with GreenOak Real Estate, acquired a historic Beaux Arts-style property in downtown Los Angeles. The company plans to invest more than $6 million to rehabilitate the building.
Photo via Google Street View