for some reason the IP addresses are still different MAC (192.168.1.121) WIN 7(192.168.1.131)
Yes, it is supposed to be so, because they are different machines and have to have different IPs
Do you able to access the service from browser started in the same VM using address 127.0.0.1?
If yes, do you able to access it from Mac using IP-address of Win7?
If 2 fails, then you should try to disable Firewall in Win7 VM, most likely it blocks access to service.