The property, located at the southeast corner of Saturn and Hi Point streets, was purchased for $7.35 million. Though the property was previously entitled for a 45-unit apartment complex, Trion and Ketter intend to seek new entitlements for a larger 58-unit development.
“Central Los Angeles is experiencing an increase in both the quality and quantity of employment opportunities, resulting in high demand for housing in submarkets like Mid-Wilshire, where residents can live in spacious, fully amenitized units at relatively low prices compared to surrounding neighborhoods like Beverly Hills,” said David Moghavem, Trion's Director of Acquisitions.
Moghavem estimates that the project will take approximately 16 months to entitle and 24 months to develop. Trion and Ketter plan to hold the property for at least one year following completion.
The project site was previously improved with three single-family homes that were once painted hot pink in an art project meant as a prelude to a now-canceled multifamily residential development.
Trion and Ketter broke ground earlier this year on a similar multifamily residential development on the same block, consisting of a four-story building featuring 45 apartments.
- Mid-City (Urbanize LA)