Bolour Associates Inc. has broke ground on its $24 million luxury apartment community in the Los Angeles neighborhood of Silver Lake.
The site retained entitlements in 1991 when approvals were granted to build there. The entitlement was codified with a qualifying condition, which means the property’s approved land use was still active after more than 27 years. After purchasing the 30,000-square-foot site, the company was able to add a state bonus density to the existing entitlements and receive approval from the city of Los Angeles prior to breaking ground this month.
Located at 3160 Riverside Drive, the community will comprise 65 studio and one- and two-bedroom units. Residents will have access to amenities including a swimming pool, a club room, a gym and landscaped common areas. Bolour’s financing team arranged debt and equity for the acquisition and construction of the development. The $24 million capital stack included a $17 million loan from Preferred Bank, a $3.5 million preferred equity investment and $3.5 million in equity from Bolour.
“For the last several years, Silver Lake has been one of the hottest markets in Los Angeles due to its significant retail growth and redevelopment. However, the multifamily growth in Silver Lake has been limited due to supply constraints in the area,” Adam Eisenberg, head of acquisitions at Bolour, told Multi-Housing News. “Our development site will tap into that demand by providing a high-quality residential building that will be one of a kind and greatly beneficial to the neighborhood. The unique location of this site will allow residents to become an integral part of Silver Lake and its neighboring communities.”
In April, Bolour Associates sold the $23.7 million Infinity West, a 43-unit garden-style community in West Hollywood, to Goldrich Kest.
Rendering courtesy of Bolour Associates