Housing Diversity Corp. has started construction on a micro-unit housing project in a designated opportunity zone in Hollywood.
The eight-story, 37K SF mid-rise apartment development at 1621 North McCadden Place will feature 69 studio apartments on an 8K SF site. Eight units will be reserved for extremely low-income renters.
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The project sits within walking distance of the Hollywood/Highland and Hollywood/Vine Metro stations.
The building will also feature keyless entry into the building and apartments and private balconies on most of the units. Community amenities will include multiple levels of outdoor space, including a rooftop deck with barbecue areas, an indoor-outdoor lounge and a flexible coworking space with connected outdoor space.
Housing Diversity Corp. specializes in the development of micro-units as a way to provide housing for middle-income earners.
“Middle-income earners are critical to Los Angeles’ economy, however, there is a lack of housing options available to them,” Housing Diversity Corp. founder Brad Padden said in a news release. “This project aligns with our mission. We are bringing the elegantly-designed, highly-functional attainable housing we pioneered in Seattle to the underserved Los Angeles market.”
Steinberg Hart designed the project. STS Construction and Development will construct it.
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SALES
A private investor has purchased a newly constructed eight-unit apartment building in Van Nuys from an undisclosed seller for $5.45M. The apartment at 14403-14409 Tiara St. sold for the highest price per unit recorded on a single-building transaction in Van Nuys, according to the brokers, who cited CoStar records. The units sold for $681,250 per unit. Marcus & Millichap's Arash Memary, Filip Niculete and Glen Scher brokered the transaction.
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Orbis Real Estate Partners has purchased a 5.8-acre land parcel in Riverside County from a private investor for $2.26M. The land is located at the corner of Harvill Avenue and Placentia Street in Perris. Orbis plans to develop a 275K SF industrial distribution building on the site. Avison Young's Stan Nowak represented the buyer and seller.
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An undisclosed limited liability corporation has purchased a 30-unit apartment building in Westlake from a private investor for $4.27M. Built in 1926, the building at 430 South Union Ave. sold for about $142,500 a unit. Marcus & Millichap's Rick Raymundo and Oscar Diaz represented the buyer. Kinyan Realty represented the seller.
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The Krausz Cos. has purchased a single-tenant office building in San Bernardino from a private investor for $13.45M. The two-story, 50K SF office building at 265 East 4th St. sits on a 4.6-acre lot. The County of San Bernardino currently occupies the building. Hanley Investment Group's Matt Burnett represented the seller. Hanley's Ed Hanley represented the buyer.
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A private investor has purchased a 32K SF car wash site in Corona from a Japan-based investor for $5.7M. Built in 1992, the All Star Car Wash and Castrol Oil and Lube Center is located at 465 North McKinley St. Progressive Real Estate Partners’ Victor Buendia represented the buyer and seller.
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A private investor has purchased a 2.5K SF retail building in Inglewood from an undisclosed seller for $3.4M. The retail building sits on a 19.5K SF site. The building once housed a Payless Shoes store in the 1970s and storage. The new owner plans to redevelop the site and build a brewery and restaurant. Keller Williams' William Yarbro represented the seller. Greenway Commercial Holdings' Alexandria Yates represented the buyer.
FINANCE
On behalf of an undisclosed family office based in Los Angeles, CBRE’s Capital Markets’ Debt and Structured Finance team has arranged $19.9M in acquisition financing for three retail centers in Southern California.
The three retail centers are the Town Center North at 805-835 College Blvd. in Oceanside, Bouquet Canyon Plaza at 27611-27633 Bouquet Canyon Road in Santa Clarita and a 4K SF retail center at 2401 West Whittier Blvd. in Montebello.
All three loans were done separately to allow for maximum flexibility for the borrower, according to CBRE. The non-recourse financing was in the 50% loan-to-value range, fixed for a 10-year term at 3.5% and provides for prepayment flexibility. CBRE's Shaun Moothart, Bruce Francis, Robert Ybarra, Dana Summers, Doug Birrell and Jim Korinek arranged the financing.
EXECUTIVE NEWS
Gensler has promoted Anne Bretaña to co-managing director of the firm’s Newport Beach office. Bretaña will be part of a team that will drive design innovation for clients and foster the growth of Gensler. Bretaña has 25 years of experience. She joined Gensler in 2007 as a senior associate and project manager.
