The Urban Charm of the Eastside

Karl Slovin is the president of MWest Holdings.

LOS ANGELES—This year, we have seen more and more investors finding opportunities on the Eastside of Los Angeles, especially in neighborhoods like Highland Park, Koreatown, East Hollywood and Echo Park. While there is some difficultly maneuvering through these neighborhoods—rent control being a major one—investors are attracted to the urban charm of these markets and the inherent live-work-play environment that already exists. MWest Holdings is a major player in on Los Angeles’ Eastside. The firm currently has seven historic renovations underway here, and is always looking for more opportunities. While the firm specifically targets historic properties, it is specifically attracted to the urban quality of the Eastside. “I am particularly interested in true urban environments,” Karl Slovin , president of MWest Holdings tells GlobeSt.com. “I believe that the Eastside has the nexus of living and working and playing proximate to each element, and that is what I believe a true urban environment should offer. Los Angeles has not historically embraced that connection between those three elements, and now we are seeing a refocus on living close to where you work and working close to where you play.” MWest isn’t alone. Skya Ventures , Gelt Ventures , Laramar Group and California Landmark have all recently made purchases in these Eastside neighborhoods.  All of these investors have touted public transit, access to amenities and critical mass as highlights of the Eastside neighborhoods. The proximity to the job centers of Downtown Los Angeles is also a major positive for these markets, which historically have seen far less investment activity as compared to Los Angeles’ Westside counterpart. MWest, like these other investors, is looking for urban investment environments, both because those are in demand and because urban texture and a sense of place is important to city living. “I am a New Yorker originally, so that is what I know. I couldn’t possibly ever build suburban homes,” adds Slovin. “That is not of any interest to me.” While value-add opportunities are more available, MWest is focusing on historic properties to help revitalize the Eastside market, which has texture but hasn’t seen the same attention as other parts of Los Angeles. “We are absolutely committed to preserving what is special about Los Angeles,” says Slovin. Value-add investors are working toward a similar goal of revitalizing properties in these markets. Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What’s driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.