Multifamily investment and development firm Cityview has secured funding for its $125 million apartment project in an opportunity zone in Los Angeles, dubbed Adams & Grand. Located at 2528 S. Grand Ave., the seven-story, 296-unit property is southeast of downtown and a half mile from the University of Southern California campus.
Ground-up construction of the project, which will include 5,000 square feet of retail space, will kick off this month and is slated for completion by the first quarter of 2021. Funded by opportunity zone investors, the project is designed by architecture firm Togawa Smith Martin, with interiors by Nadia Geller Designs.
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Upon completion the property will feature 125 studio, 87 one-bedroom and 84 two-bedroom apartments, with 25 of the units designed very low income affordable and three as moderate income affordable. All units will include vinyl flooring, quartz countertops and Nest thermostats with some floorplans also featuring balconies.
Amenities will include two rooftop sky decks with views of downtown, a CW Works business center, fitness center, two-story club room and resort-style pool. The project, designed for LEED Silver certification, will also provide 390 parking stalls and 332 bike stalls. Adams & Grand’s retail tenant has not been selected.
The Los Angeles City Planning Commission in August approved the project in August 2017 and Cityview optioned and fully entitled the property. The company has partnered with builder WPIC Construction LLC and structural engineering firm John Labib & Associates for the development, which is expected to create more than 1,000 jobs.
Cityview, which focuses and developing and acquiring multifamily and mixed-use projects in the Western U.S., broke ground on 5935 Pico, a 123-unit community elsewhere in Los Angeles. In September, the company sold the 129-unit AV8 in San Diego to an affiliate of R&V Management for $70.1 million.