North Hollywood Sees Development Bump

Matthew Ellis is a SVP at MWest Holdings.

LOS ANGELES—Development in North Hollywood is taking off. In the last year a handful of apartment and retail development and redevelopment projects broke ground, and are proving to reshape and bring attention to the emerging market. The new development combined with strong transportation is making the North Hollywood area a target investment market for some investors.

The booming development in North Hollywood has attracted other investors, like MWest Holdings, which purchased the Lofts at NoHo Commons, a three-story, 292-unit 2007 class-A apartment building, for $102.5 million late last year. They see the development in the market as a major benefit. “Trammel Crow and Greenland across the street that joined together to redevelop a 15-acre parking lot. The property will double the amount of parking and build a huge mixed-use property there. To the East on Chandler, there is a vacant parcel that Greystar will develop. As the area fills in around us, we think we will benefit from it,” Matthew Ellis, SVP of MWest Holdings, tells GlobeSt.com.