Lofts Project Debuts, Sells 40 Units

CityView, a Los Angeles-based national urban development investor headed by former USSecretary of HUD Henry G. Cisneros, originally invested in WestEnd in 2007, when the project was known as G2 and CityView's developer partner was Los Angeles-based California Landmark. CityView subsequently engaged Los Angeles-based developer The Kor Group to upgrade unit amenities; Kor also manages WestEnd's sales and marketing program, with staffing and execution provided by The Mark Co.

Devang Shah, CityView's senior director of asset management and market research, says that the launch of the project, where units are priced from the low $300,000s, "demonstrates the continued demand for well designed, urban projects positioned in highly desirable locations with a strong value proposition." The WestEnd project represents the second collaboration between The Kor Group, The Mark Co. and CityView, who partnered to develop Barker Block, a live-work project in Downtown Los Angeles.

Shah says that the original development partner, California Landmark, "did a good job of finishing the project on time and under budget." He adds, "We chose to go with The Kor Group/The Mark Co. duo for the project's sales as they have a demonstrated sales expertise and track record, which became evident as we worked together on the Barker Block project."

CityView, three of whose executives recently spoke with GlobeSt.com in an UpClose interview, focuses on investing in urban real estate, in-city housing and metropolitan infrastructure. It was founded in 2000 by Cisneros and has generated more than $2 billion in urban investment in 45 communities across the US. Among the other projects in the Los Angeles area that it has invested in is the recently completed TLofts, an 84-unit for-sale development in West Los Angeles.

The privately held Kor Group, based in Downtown L.A., comprises development, design and construction, real estate sales and marketing, and hotel management divisions. Kor Group CEO Brad Korzen, commenting on the company's involvement in the WestEnd project, says that the company is "committed to expanding our urban development business."