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May 24, 2019
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M West Holdings Pays Over $400k/Unit for San Pedro Bank Lofts


M West Holdings LLC, out of Sherman Oaks, has paid $36.3 mil for San Pedro Bank Lofts, an 89-unit ($408k/unit), loft-style multifamily property in Los Angeles’ South Bay community of San Pedro. The property, Located at 407 W. 7th St, was sold by Irvine-based Bascom Group LLC.

Built in 2007, San Pedro Bank Lofts is condominium-mapped development that incorporates the historical façade of the original Bank of San Pedro. The property is easily accessible via California State Route 110 and is less than 10 miles from downtown Long Beach, the Trump National Golf Club Los Angeles and Los Angeles Harbor College.

Units include loft-style vaulted ceilings, full HVAC, in-unit washers and dryers, ceiling fans, fireplaces, garbage disposals, granite countertops, microwaves, stainless-steel appliances and fully secure underground parking. Select units have rollup doors, arched windows and two-story vaulted ceilings. The community also offers a fitness center and private courtyards.

Jeff Rowerdink, Joe Leon, Jim Fisher and Mike Smith with Berkadia represented the seller in the deal. Rowerdink point out that San Pedro is a dynamic and emerging submarket, particularly given the ongoing investments in the area’s ports and waterfront.

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