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1/17/20
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MWest Holdings and BentallGreenOak have obtained a $76.3 mil senior loan from PCCP LLC for the acquisition and renovation of The Enclave, a 306-unit, 300k sf garden-style apartment property in Paramount. The property, located at 13801 Paramount Blvd, was sold by Bridge Investment Group.
“This is a well-performing asset in a submarket that is less than 3 percent vacant and has seen virtually no new supply over the past 20 years,” noted Ron Bonneau, managing director with PCCP. “The property’s attractive physical characteristics, central location, and relatively affordable rents are anticipated to drive demand over the coming years.”
The Enclave is one of only six market-rate multifamily properties in excess of 200 units in Paramount, Norwalk, Downey, and Bellflower, and the only apartment community with more than 50 units developed in Paramount over the last 30 years.
Built in 1991 and situated on 4.93 acres, The Enclave includes six low-rise, garden-style residential buildings and one recreation building. The unit mix includes one-, two-, and three-bedrooms with an average size of 970 sf. The units feature gas fireplaces and outdoor space, central air conditioning, and large closets. Common area amenities include a fitness center, pool, and dog run, among others, as well as ample subterranean parking.
Paramount’s central location and proximity to multiple freeways provides convenient access to various decentralized employment centers that span Los Angeles and Orange County. Interstate 105, a major east-west artery, runs adjacent to the property, and four other major freeways are within a short drive. In addition, the Lakewood Green Line metro station is a 5-minute drive.
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