Los Angeles
Developer Finally Awarded Crenshaw/LAX Transit Corridor Contract as Project Moves Forward with New Construction Start Date
A much-talked about project for Los Angeles’ transportation system recently got the go-ahead when the Los Angeles County Metropolitan Transportation Authority Board of Directors approved a contract worth $1.2 billion to Walsh/Shea Corridor Constructors to build the Crenshaw/LAX Transit Corridor. The development is now in the utility relocation phase with heavy construction set to start with spring of next year. The project is one of 12 transit projects funded by Measure R, the half-cent sales tax approved by voters in Los Angeles County back in 2008.
Capri, Kennedy Wilson Buy LA Apartment-Marina for $225M
Capri Capital Partners and Kennedy Wilson have acquired the leasehold interest in Esprit, a 437-unit luxury multi-family project that includes a 227-slip marina, in the Marina del Rey area of Los Angeles.
Real Estate Investment Company Reaches for the Stars as It Completes Walk of Fame Building Acquisition
Hollywood’s flashing stars seem to continue to attract attention as ASB Real Estate Investments has recently moved on the market for a prime retail and office property located along the world-famous Walk of Fame. The company has acquired the property for its Allegiance Fund, a $2.2 billion core, open-end real estate vehicle investing in high-profile assets that also offer long-term growth possibilities. The stars adorning the Hollywood Walk of Fame seem to be shining as bright as ever from an investment standpoint. ASB acquired the property from seller CIM Group for an undisclosed sum.
U.S. Bank Provides $55M for Affordable Seniors Housing Project in LA
U.S. Bank has given a big helping hand in the addition of 165 new units to Los Angeles’ depleted affordable housing market.
West Angeles Community Development Corporation Debuts New Community-Helping Project
A brand new development was recently unveiled in the Crenshaw Corridor, bringing the spotlight on an area of the city that has been in serious need of a makeover. The $8.5 million investment was handled by the West Angeles Community Development Corporation and Union Bank and is located at 3501 Jefferson Boulevard. Continue reading →
Los Angeles Real Estate Maintains Buzz
The total value of the transaction was $21.5 million for the once foreclosed-upon properties.
Vandenberg Air Force Base Military Housing Ends Six-Year Makeover Process
The housing component at Vandenberg Air Force Base has received a major boost as the initial development period has finally come to an end. A partnership between Balfour Beatty Communiites LLC and Hensel Phelps Construction Company handled the renovation and construction of new military housing units at the base. The total investment made during the six-year interval now stands at around $158 million. Balfour Beatty Communities currently deals with a range of residential projects including multifamily, military and student housing. With the initial development period now over, the developer and property manager has increased the number of units it handles at the Vandenberg AFB to almost 1000.
Upscale Gated Community in Century City Set to Expand After Land Deal
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.
New Development in City’s Arts District Set to Reopen Market for Condo Homes
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.
Two Historic Multifamily Properties Trade Hands as 1920s Charm Makes a Comeback
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 their reduced number of units in common. Both South Park Lofts and Avondale Apartments are historic properties.