SANTA MONICA, CA-As reverse migration from suburbs back into cities continues, it stands to reason that the multifamily construction sector will reap the benefits. However, a report from IBISWorld, based here, says that it’s not only rental and condominium apartment builders that will gain from the urbanization trend over the next five years. “As the…
Los Angeles Mayor Eric Garcetti on Tuesday ordered the city’s planning and building and safety departments to consolidate key functions and take other steps to cut red tape for developers. When he took office last summer, Garcetti halted a merger of the planning and building and safety departments, saying he wanted to take a closer…
Don Carlos Residences, a 16-unit apartment property in Beverly Hills, recently sold for $6.7 mil, or about $419k/unit. The residential building is located at 132 South Bedford Dr, just south of Wilshire Blvd, adjacent to Saks Fifth Avenue and within walking distance of Rodeo Dr and the Beverly Wilshire Hotel. Don Carlos Residences is a two-story…
Mercedes Villas, a 13-unit apartment building in central Hollywood was purchased an all-cash buyer for $2.28 mil, or $175.4k/unit). The fully occupied, non-rent controlled multifamily property is located at 1023 N. Wilton Place, near the 101 Fwy and the major cross street of Santa Monica Blvd. The closing cap rate was a low 3.5 percent.…
LA-based Oak Coast Properties plans to develop a new apartment community in West Hollywood. Located at 1250 N. Fairfax Ave, the development will include 53 rental units aimed at residents seeking upscale rental housing with an array of amenities. The unit mix at the project will consist of 26 one-bedroom, 25 two-bedroom, and 2 three-bedroom…
Office demolitions and conversions are playing an interesting role in this cycle’s office recovery. They decrease competition for tenants, especially between Class B and C landlords, and as empty space is removed from the market, vacancies decline. The effect of space removals has been unusually visible in recent years due to the dearth of new…
Two recently renovated, vacant West Los Angeles multifamily properties known as Saltair Arms and Brockton Regency traded hands in separate deals totaling $6.9 mil. The sales averaged $406k/unit. Saltair Arms, built in 1987, is located at 1250 Saltair Ave, near Wilshire Blvd and Bundy Ave. The property totals nine units and was sold for $3.6…
A Private investor recently closed on a West Los Angeles apartment buy, paying $3 mil for a 12-unit ($250k/unit) property in Mar Vista. Located at 12407 Wagner St, near Centinela Ave and Culver Blvd, the property is just four miles from Venice and Marina del Rey. Built in 1990, the garden-style property contains 10.9k sf…
The first new mid-rise apartment project to be built in the Brentwood area in a decade has been completed and is welcoming its first tenants. The 78-unit bw, located at the intersection of Barrington and Wilshire, is a development of California Landmark Group. The bw boasts modern residences, an iconic glass façade, zen rooftop garden…
High tide at Silicon Beach is helping lift the boats in Marina del Rey. Spurred by an influx of technology and creative businesses on the Westside and a slowly rejuvenating economy, a flurry of activity has ignited in the marina, much of it aimed at a younger demographic that populated the area when it was…