Canfield Development Builds $22M LA Apartments
- Jun 12, 2018
Canfield Development is building The Kenmore, a $22-million, 69-unit development in Los Angeles’ Koreatown, designed by Nadel Architects.
“The property is well located, highly amenitized, nicely finished with tile showers and quartz countertops, energy-efficient with sustainable features, and amply parked with 50 percent of the parking stalls with car charging stations for electric vehicles,” Brian Gelt, Canfield Development’s VP, development & construction, told MHN. “This development fits into our philosophy by building medium-sized, well-located, highly amenitized, high-quality apartment buildings for long-term holding as well as condominium buildings for sale.”
Located at 435 South Kenmore Ave., the 70,247-square-foot multifamily community will consist of seven studios, 42 one-, 12 two- and three three-bedroom apartments atop two levels of above-ground mezzanine parking. The parking will be in an “L” shape to minimize the street-facing bulk of the building and provide southern sun for a 2,563-square-foot recreation deck.
“Nadel believes that increased density along major public transportation lines is the right choice for reducing commuting times and for creating the pedestrian-oriented community that is a major asset of life in our most exciting cities,” Dale Yonkin, Nadel’s executive vice president & project director, told MHN. “At seven stories, with an L-shaped plan that creates a highly-articulated massing, the project maintains the existing mid-rise scale of the neighborhood, while its crisp modern design sets a friendly standard for future development in the area.”
The Nadel team also consisted of Afsaneh Riahi, planner and Andrew Wolff, design director and designer.
The property offers an abundance of amenities including a social room with a pool table, a lounge, and theatre area, an outdoor courtyard deck with a large spa, VIP cabanas with built-in televisions, two firepits, a fitness room, a pet wash station and a Luxor One package locker system for Amazon and other package deliveries.
It also offers a luxurious lobby and leasing office, has Wi-Fi throughout the entire building and features keyless entries throughout.
The property is located just two blocks north of Wilshire Blvd, which is the major employment corridor in Koreatown. Additionally, the property is located just a few blocks from the Wilshire/Normandie and Wilshire/Vermont purple line subway stops and only three to five miles from Downtown Los Angeles or Hollywood.
“Although there is a lot of apartment new supply coming in the Downtown L.A. and Koreatown markets, there is also a lot of demand for housing stemming from job creation and new household formation,” Gelt said. “The unemployment rate in the Los Angeles as of April 2018 was only 3.7 percent. Additionally, the average age of the huge demographic of Gen Y’ers is only turning 30 and they are continuing to create new households as they get jobs, get married, have children and move out from their parents’ houses.”
Nadel is no stranger to the SoCal multifamily landscape, with more than 60,000 residential units to its credit. The firm is currently working on another Koreatown development comprising 269 units in addition to ground-floor retail, which is scheduled to break ground this summer.