$35M Multifamily Project Breaks Ground
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LOS ANGELES-CLG Hollywood, an affiliate of California Landmark Group, has begun construction of a 79-unit, $35-million apartment community located at 7928 Hollywood Blvd., just west of Fairfax Ave. and two blocks north of the City of West Hollywood. The project, slated for completion in Fall 2013, will be built by CLG Construction and managed by CLG Management, a spokesperson for CLG tells GlobeSt.com.
Designed by PK Architecture, the project’s classic old-Hollywood residential design will retain the character of the neighborhood’s existing single-family and multi-family properties. Its architecture style will be “California courtyard,” which was pervasive during the 1920s and 1930s.
According to CLG, the building will feature a spectacular landscape and hardscape design by Rios Clemente Hale Studios, with fountains, pools, brickwork, hand-painted tiles and lavish gardens. Other amenities will include a rooftop pool with city views, media room, gym, fire-pit area, ample guest parking and storage. Rents for the one- and two-bedroom units will range from $2,300 to $3,900 per month.
Ken Kahan, principal at CLG, tells GlobeSt.com, "We are providing a unique living experience in Hollywood. This apartment project is one-of-a-kind in that it combines the character and charm of a courtyard layout with the amenities a renter can only find in larger multifamily complexes, all within walking distance to Sunset Blvd. and Crescent Heights. Los Angeles hasn't seen a building of this size and quality in more than 50 years."
CLG has a history of acquiring multifamily properties in Southern California. As GlobeSt.com previously reported, in September 2011 the company acquired an apartment building comprising 64 units in Oceanside for $8.19 million. Also, in September 2010, as GlobeSt.com had reported, CLG added to its growing portfolio of urban-infill residential properties with the purchase of the Serenata, a 45-unit townhome community in San Diego, for $10.15 million. The purchase price reflected a substantial discount of the total cost of construction for the collection of three-bedroom, two-bath units completed in 2009.
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