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MWest Trades Paramount Apartments to BLDG for $129M
BLDG Partners and the California Municipal Finance Authority, a joint powers authority, acquired the 306-unit Enclave Apartments in Paramount for $128.5 million. The seller was MWest Holdings.
The acquisition is BLDG and CMFA’s second purchase through the Essential Housing Program year to date, and marks BLDG’s first acquisition in Paramount. The market-rate apartment building will be transformed into “missing-middle” housing, with new leases reserved for residents earning between 80% and 120% AMI.
“The City of Paramount has been a committed partner in our efforts to preserve and expand the supply of low- and middle-income housing,” said Guy Penini, principal of BLDG. “With this transaction, Paramount will be able to ensure the availability of attainably-priced, quality housing for the long-term.”
MWest acquired the property for $99.3 million in 2019. “Our team implemented a strong renovation and improvement program which has been very well received,” said MWest president Karl Slovin.
- ◦Sale/Acquisition
