Is NoHo Ready For Luxury Living?

If revitalization has a pattern in Los Angeles, North Hollywood is hitting its peak. The submarket landed on the radar of value-add investors in the past few years, and now FMB Development is breaking ground on new construction luxury residences. The project is certainly a sign of the rising demand and evolution of the market in just a few short years.

“North Hollywood is one of the city’s hottest and fastest-growing communities. We see strong demand for luxury product in the area, and a scarcity of options for the consumer,” Ilan Kenig, CEO of FMB Development, tells GlobeSt.com. “This has created an opportunity for us to fill that gap.” Thanks to this rapid resurgence, FMB is building a 28-unity luxury mixed-use apartment complex at 11436 W. Hatteras Street. It will include 450 square feet of first floor retail space.

North Hollywood was an ideal market for revitalization, because it has a public transit line that connects to both Hollywood and Downtown L.A. With new restaurant and retail openings, it quickly became a live-work-play market akin to popular and more expensive markets in the city. “North Hollywood offers walkability, a close-knit neighborhood, and easy access to jobs and public transit. It is also one of the most creative corners of the city, boasting more than 20 theaters and other cultural offerings within a square mile,” says Kenig. “These are the kinds of amenities that are increasingly attractive for the rental market across different demographic segments. It has driven strong demand in the market.”