says now is the time to begin
new multifamily projects.
(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
Westwood, CA-based California Landmark Group plans to invest more than $75 million in the next 12 months in urban infill, multifamily development properties throughout Southern California.
Ken Kahan, CLG CEO, tells GlobeSt.com that the company will be looking at un-entitled and entitled land parcels as well as class B or C retail and office properties. “Within Los Angeles, we are heavily focused on Downtown, Koreatown and Hollywood,” he explains.
Kahan continues to point out that CLG will also be looking at Southern California coastal cities from Orange County to Ventura County. “We are looking for class B-plus or better locations,” he tells GlobeSt.com.
Projects will feature a range from 50 to as many as 500 buildable units. “We see great opportunity in the commercial, mixed-use and multifamily markets in Southern California, and we are jumping in with a substantial commitment to the local area in the coming months,” he explains. “The multifamily sector in particular has recovered faster than any other sector in this region, and we think the time is now to begin new projects.”
In the last six months, CLG has acquired a three-building, 112-unit apartment portfolio in the prime Encino/Tarzana submarket of the San Fernando Valley with underlying condominium entitlements, and completed and sold a 21-unit West LA condominium project. In addition, the company has several mixed use/multifamily projects, totaling 200 units, under construction in Hollywood, Brentwood and West LA. The firm is also about to begin construction on three additional sites in the next 18 months near Marina del Rey, Culver City and the Grove.
“We hope to continue to lead the pack with quality projects that continue to draw community support,” Kahan adds. He explains that CLG has focused on urban development for the past 25 years and will continue to make it the firm’s core business.