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| Rendering of Planned 45-Unit Apartments, Mid-Wilshire Neighborhood, Los Angeles, CA |
The multifamily community will be located at 1556-1564 Hi Point Street in Los Angeles, California. The development site, located at on the corner of Hi Point Street and Pickford Street, was acquired for $8.63 million.
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| Max Sharkansky |
The firm recently acquired a fully
permitted and entitled 26,865 square-foot development site for the project and
plans to break ground in February, according to Max Sharkansky, Managing
Partner at Trion Properties.
“As interest rates and
capitalization rates rise, we continue to be bullish on strong locations that
are not only profitable in an upmarket, but will remain resilient for the long
term, even in a downturn,” explains Sharkansky.
“Leveraging our deep connections
within the Los Angeles multifamily industry, we were able to secure this rare
opportunity to acquire a land parcel in a supply-constrained, high-growth area,
with entitlements and permits for multifamily development in place.”
Continental Partners arranged a
$15 million construction loan for the project. Richard De La Rosa of KW
Commercial Studio City and Christopher Choe of Premier Agent Network
represented Trion Properties and Ketter Construction.
The Mid-Wilshire neighborhood
presents a high quality of life and central Los Angeles location surrounded by
highly affluent submarkets including Beverly Hills, Century City, and Miracle
Mile, and is in close proximity to a variety of other attractions and
employment, notes Sharkansky.
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| Christopher Choe |
“Drawing on more than a dozen
years of experience acquiring, renovating, and managing multifamily properties
in Los Angeles, we recognized the potential to develop a community that would
give residents the chance to live in spacious, fully amenitized units at
relatively low prices compared to surrounding neighborhoods,” continues
Sharkansky.
“Residents will also benefit from extremely accessible
transportation. The site is located one mile south of the highly anticipated Wilshire/Fairfax
Metro station, scheduled to open in 2023 as part of the Purple Line Subway
Extension Project, which will connect residents to major markets from Downtown
Los Angeles to the East and Westwood to the West.”
The site is also one mile away
from the Interstate 10 freeway and a quarter mile away from three major
thoroughfares: Fairfax Avenue, Crescent Heights Boulevard, and Pico Boulevard.
“This development brings highly
in-demand housing to the Central Los Angeles submarket, which will allow more
residents to enjoy this vibrant area and convenient access throughout L.A.,”
Sharkansky confirms.
“Additionally, 10 percent of the
units will be designated affordable housing. We look forward to contributing to
this growing and thriving community.”
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| Rendering of Planned Wilshire/Fairfax Metro Station Los Angeles, CA |
According to Sharkansky, upon
completion of the development, Trion Properties will lease up, stabilize, and
operate the property enacting its proven vertically-integrated property
management platform.
This is Trion’s second development
to be completed in partnership with Ketter Construction. The joint venture partnership
broke ground on another multifamily development, located at 5012-5016 South
Slauson Avenue, in 2016.
The apartment community, Fifty Twelve, will be open for occupancy
in May and will begin preleasing in March.
“We are incredibly fortunate to benefit
from Ketter Construction’s deep experience in local Los Angeles development,”
says Sharkansky. “We have a strong, synergistic partnership that we look
forward to continuing through the construction of this project and beyond.”
Contact:
Elisabeth Manville
Brower Group
(949) 955-7940
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