The nearly 27,000-square-foot site, located at 1556-1564 Hi Point Street, was acquired for $8.63 million. It was approved in 2017 for the construction of a four-story building featuring 45 rental apartments - including four affordable units - above a basement parking garage.
“This development brings highly in-demand housing to the Central Los Angeles submarket, which will allow more residents to enjoy this vibrant area and convenient access throughout L.A.,” said Max Sharkansky, Managing Partner at Trion Properties, in a statement. “Additionally, 10 percent of the units will be designated affordable housing. We look forward to contributing to this growing and thriving community.”
Construction of the new apartment complex is expected to commence this month. Continental Partners arranged $15 million in construction financing for the project.
Trion Properties and Ketter broke ground on a similar project at 5012-5016 Slauson Avenue in 2016. The Fifty Twelve apartments are on pace for occupancy to occur in May 2019.