Upscale Gated Community in Century City Set to Expand After Land Deal

By Alex Girda, Associate Editor

L.A.’s residential market seems to be picking up where it left off as reports indicate that even the slowest neighborhoods of the city’s metropolitan area are now recording improvements in the residential sector. In fact, an affiliate of California Landmark Group has recently acquired a 70,000 square-foot, undeveloped site in Century City. The plan is to get a small, upscale residential community built here, one that will complement the existing Century Woods community. The land and developing rights for the lot cost the investor $13 million.

Located at the corner of Century Park West and Solar Way, the site will house ten 5,000-square-foot homes that will form The Enclave at Century Woods. The development process is set to be fast tracked and construction should begin during the next few months, with completion tentatively set for the end of next year. Along with purchasing the land from a neighboring homeowner association, CLG also acquired JMB Realty Corporation’s option to build homes there.

The development plan will also include a perimeter wall that will enclose the new high-end gated community into the existing Century Woods residential complex. The homes will be oriented towards a central common courtyard, while lush landscaping will form a transition area from the street and nearby buildings. The new homes will benefit from the same amenity package currently available to the residents of Century Woods including: secure entry, tennis court, indoor and outdoor pools, a fitness center and a clubhouse. CLG also handled the construction of the last four homes to be added to the community, back in 2002.

New Development in City’s Arts District Set to Reopen Market for Condo Homes

By Alex Girda, Associate Editor

The final construction phase on one of L.A.’s most interesting redevelopment projects has started. The development team of Blackstone and CityView recently announced that they have broken ground on the last stage of construction at their Barker Block residential community. Working in association with The Kor Group, the developers are now set to convert an old warehouse space into a loft and townhome component for this project in the city’s Arts District. When work is completed at the site, the total investment will clock in at around $150 million.

The Barker Block condo development will become the first new for-sale development in the city for quite some time and will offer 309 residential units to potential buyers in the Arts District. The final phase will include the construction of 68 units for an investment of around $25 million. With the backing of Los Angeles Mayor Antonio Villaraigosa, the community will be added to the city official’s Clean Tech Lab initiative for the surrounding district.

The condo development has taken shape in a number of repurposed buildings whose architectural elements have been preserved. Many materials from these original structures have been repurposed and used in the new construction process. The loft units and townhomes will have a number of green design features such as water-efficient landscaping, Energy Star appliances and energy-efficient homes that will include insulated dual-pane windows.

Developer Blackstone is eager to finish the final phase which will create around 100 construction jobs for the community and has voiced excitement regarding its partnership with CityView and the city’s local authorities through Jon Gray, the company’s head of real estate. “Blackstone’s investment demonstrates the impact that private capital can have on revitalizing America’s urban neighborhoods.” Gray also said that contributing to the local economy is a point of pride for the organization.  

Two Historic Multifamily Properties Trade Hands as 1920s Charm Makes a Comeback

By Alex Girda, Associate Editor

Los Angeles’ residential market saw a recent upswing in interest for smaller multifamily properties as two deals were completed for properties bearing those traits. South Park Lofts in the South Park district and Avondale Apartments in Hollywood were snapped up by investment firms M West Holdings and Avondale Hollywood LLC, respectively. However, the two properties don’t only have a small footprint in common. Both South Park Lofts and Avondale Apartments are historic properties.

South Park Lofts is a 49-unit high-end multifamily building located at 818 South Grand Avenue in downtown Los Angeles. The property was originally built in 1924, and it underwent extensive renovations in 2004. Resident amenities include a rooftop garden and spa, grilling area, glass enclosed rooftop gym and onsite café, as well as its coveted location within walking distance to the LA Live entertainment district and Staples Center. The property is currently on the National Register of Historic Places and was also granted landmark status by the California Historic Resources Commission. Sold by Rockwood Real Estate Advisors, a full service real estate investment banking firm, the property is now under the ownership of M West Holdings, a vertically integrated private real estate investment company that operates in Southern California and New York City.

Avondale Apartments is a 1928-built apartment asset in Hollywood, offering 58 residential units. Located at 1825 North Cahuenga Boulevard, the property retains a large proportion of its original architectural features, while providing a great opportunity for any owner seeking renovation. A number of improvements could be undertaken at the aging building, most notably unit modernization and a lobby makeover. The property was acquired by Avondale Hollywood LLC for a fee of $6 million from seller 1825 N. Cahuenga LLC. The transaction was arranged on behalf of both parties by a representative from Madison Partners.

 Images courtesy of splofts.com and Google StreetView

The Desmond will Join Creative Office Building Inventory in L.A.’s South Park District

By Alex Girda, Associate Editor

Lincoln Property Company is looking to capitalize on the growing demand for creative office space in the Los Angeles metro area and has snapped up an intriguing property in the city’s downtown. The company recently announced that it is finalizing the deal for The Desmond building, a property that has gathered quite the history in its nearly 100 years of existence. The space will be completely renovated and converted to match current standards for its type of property. The revamped facility would also benefit from proximity to the growing L.A. Live entertainment district.

The Desmond is a vacant five-story building located in downtown’s South Park District. When completed, the construction will offer potential tenants a total of 78,500 square feet of newly renovated creative office space. The refurbishing process at the property will begin immediately, with the process set to last for a year. With ceilings ranging in height from 11 to 16 feet, the building looks like a great candidate for a Class A property, especially in a growing market.

The facility features 15,600 square foot floor plates throughout, as well as an adjacent surface parking lot which the new owner will use to support the building’s office and retail residents. Renovations will deal with building mechanicals, new windows, and brand new interior finishes while maintaining the attractive sense of spaciousness and rooftop views. The location is in close proximity to the city’s Metro rail system, Downtown Dash Bus station and major roadways. Additionally, local authorities are considering restoring the Downtown Streetcar service which would have a stop just next to The Desmond. Leasing for the building is already underway

Long Beach Senior Affordable Community Finally Holds Groundbreaking

By Alex Girda, Associate Editor

A major step was taken to ensure that an important residential development in Long Beach will have new life following a number of funding delays due to redevelopment legislation. However, the Ramona Park senior affordable housing development has managed to pull through and recently held a groundbreaking ceremony, confirming the local market’s need for projects of its kind. The affordable housing community is being handled by Palm Communities and Western Community Housing, a nonprofit organization that specializes in affordable housing projects.

Ramona Park Senior Apartments will be a 60-unit housing community for residents that are over the age of 55 and earn less than 60 percent of the area’s median income. Located at 3290 E. Artesia Boulevard, in the immediate vicinity of Ramona Park, the development will feature 48 one- and 12 two-bedroom residential units. The community’s amenity package will feature a common courtyard, a pool, picnic area, spa, fitness facility, fire pit, classroom, rec rooms and other common rooms including a computer room, dining area, and library. The development process will employ standards reaching minimum LEED construction requirements, as well as local green building regulations.

Financing for the project was partially raised with $7 million in low-income housing tax credit equity from WNC, an entity dealing with community development projects across the U.S. That measure is a federal tax facility that acts as an incentive for developers aiming to construct affordable rental housing communities for low-income residents. The total development cost for the Ramona Park Senior Apartments will reach $22.5 million by the completion date set for April 2014.