PCCP has provided a $76.3 million senior loan to a joint venture of MWest Holdings and BentallGreenOak for the acquisition and renovation of The Enclave, a 306-unit, 300,000-square-foot garden-style apartment property located at 13801 Paramount Blvd. in Paramount, Calif. The seller was 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. The property’s attractive physical characteristics, central location, and relatively affordable rents are anticipated to drive demand over the coming years,” said Ron Bonneau, managing director with PCCP.
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 during the past 30 years.
Built in 1991 and situated on 4.93 acres, The Enclave includes six l
