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| 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.
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| 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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