Monday, June 20, 2016

George Smith Partners Secures Financing for William Penn Apartments in Central Los Angeles’ Westlake Neighborhood

Shahin Yazdi
             LOS ANGELES, CA (June 20, 2016) – Commercial real estate investment banking firm George Smith Partners has successfully arranged financing for the acquisition of the William Penn Apartments, a 200-unit multifamily property situated in the Central Los Angeles neighborhood of Westlake on behalf of its client, Massie Capital, which plans to complete an overhaul of the space, according to George Smith Partners’ Principal Shahin Yazdi.

            “Westlake has been largely ignored by the influx of capital that has entered surrounding Los Angeles neighborhoods, making this transaction and the buyer’s plans for the property unique,” explains Yazdi.  

“Though typically viewed by investors and lenders as a low-income pocket of the city, Westlake is in close proximity to many of Los Angeles’ most popular destinations, making it extremely well-positioned to become the next up-and-coming urban location for young renters who want to live close to all that the city has to offer.”

            Originally a hotel, the property is a historic five-story 1920’s brick building and is comprised primarily of “bachelor” style units that offer kitchenettes as opposed to kitchens and are smaller than typical studios, providing the opportunity to leverage current trends in “micro” multifamily units.

Brian Massie
            Brian Massie, Founder of Massie Capital, notes that the planned renovation will leverage these small unit sizes to keep rents affordable for a young demographic, while also focusing heavily on creating a modern environment while restoring the character of the building.

            “Our planned renovation will highlight the property’s historic Los Angeles features by exposing brick interlays and rejuvenating the asset’s unique courtyard, while implementing in-unit upgrades that will improve the quality of life for residents,” Massie says, noting that the asset is located in close proximity to Downtown Los Angeles, walking distance from the recently revitalized McArthur Park, three miles from the University of Southern California, and only one mile from Loyola Law School.
“We are one of the first investors to recognize Westlake’s potential for renovated product that will serve a younger, more hip demographic comprised of students and young professionals,” Massie says.  “We believe others will follow suit as the potential in the Westlake neighborhood is realized.”

For a complete copy of the company’s news release, please contact:

Miki Conant / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

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