MWEST HOLDINGS SELLS HISTORIC WILSHIRE ROYALE APARTMENTS

LOS ANGELES, Dec. 20, 2021 /PRNewswire/ -- MWest Holdings, a Los Angeles-based real estate investment company with over 2.5 million square feet of residential and commercial property across the U.S., announced the sale of Wilshire Royale Apartments, a 193-unit 12-story property located between Koreatown and downtown Los Angeles.

Originally constructed in 1927, Wilshire Royale first opened as the Arcady Apartment Hotel, then served as a home for elderly members of a Los Angeles church community and later as a Howard Johnson's hotel. MWest acquired the Beaux Arts building in 2015 and oversaw its renovation, restoring much of the original 1920's architecture and neoclassical elements while completing several period-appropriate upgrades to the common area amenities and apartment interiors.

"We were inspired to revitalize the architectural story as part of the improvement vision" said Karl Slovin, President of MWest Holdings. "Consistent with other historic projects we have completed in the past, MWest's strategy of making exciting, historically accurate upgrades has brought tremendous value to this property and the surrounding submarket."

The expansive grand lobby, which features dramatic marble stairways and ornate columns and archways, was infused with furnishings and décor from the former Figueroa Hotel. Additionally, MWest restored the famous rooftop neon sign, completed premium lighting upgrades to the exterior façade, refreshed the outdoor pool area and courtyard, and transformed the building corridors and apartment interiors by merging vintage details with contemporary finishes.

Over the past decade, MWest has acquired and invested in rehabilitating historic buildings across Los Angeles, including the San Fernando Building, Park Wilshire, Guardian Arms and Hollywood Tower.

Joseph Grabiec, Kevin Green and Greg Harris of Institutional Property Advisors represented MWest in the transaction.

About MWest Holdings. MWest Holdings is an experienced real estate investment company with over 2.5 million square feet of residential and commercial property across the United States. Founded in 1991, MWest is known for creating innovative development solutions that instill a sense of neighborhood and integrity and create a lasting, tangible value. As a highly successful and stable owner of real estate, MWest has continually employed sound business practices, low leverage, and stringent underwriting guidelines for each investment opportunity. For more information, please visit www.mwestholdings.com 

MEDIA CONTACT: Kyle Kokkales ? 818.501.5600 ? [email protected]

SOURCE MWest Holdings