(Save the date: RealShare Apartments comes to theWestin Bonaventure, Los Angeles, October24.)
LOS ANGELES-California Landmark Group hasacquired a 55,000-square-foot lot at the corner of Larchmont Blvd.and Melrose Ave. here and has plans to develop on it theLC, an 85-unit apartment buildingwith ground-floor retail. HFFprovided brokerage services in connection with the sale of theproperty and subsequent capitalization of the $40-million deal.
Ken Kahan, CEO of CLG tells GlobeSt.com thatthe anticipated construction costs for the project are roughly $25million of that total capitalization amount. The seller was adevelopment company that had entitled the lot probablyapproximately four or five years ago and then was hit by theeconomic downturn. “They were basically stuck in a situation wherethey couldn’t build during the recession, and we just happened tohave better timing than they had.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
