Top 5 Multifamily Deliveries in Los Angeles
- Apr 23, 2020
Although Los Angeles wasn’t among the top 5 markets for multifamily deliveries in 2019, developers were expected to complete a record number of units this year, according to Yardi Matrix data. But as California remains under lockdown, uncertainty defines development activity in the West Coast state. However, before the coronavirus outbreak hit the U.S., developers delivered five communities totaling 666 units in the first quarter, a significant decrease compared to the 1,860 apartments that came online in the first quarter of 2019.
5. Imagine Village
In Lancaster, Abbey Road delivered the 75-unit Imagine Village, the first community to come online in the submarket since 2018. The fully affordable property includes studios and one- to three-bedroom units. Developed by Abode Communities, Imagine Village consists only of permanent supportive housing for homeless veterans, families and individuals. Common-area amenities include a playground and laundry facilities. The three-story building features 6,000 square feet of retail space occupied by Penny Lane Centers, which, in collaboration with U.S. veterans, offers specialized support services such as case management, transportation and educational assistance, as well as job placement.
Situated at 43517 E. Sahuayo St., Imagine Village is in the vicinity of various schools, including Sierra Elementary School, Lincoln Elementary School and Park View Educational Complex. The property is also near multiple shopping venues such as Lancaster Town Center and Valley Central.
4. Westmore Linden
West Hollywood Community Housing Corp. broke ground on the 93-unit Westmore Linden in the metro’s Koreatown submarket in May 2018 and completed it in early 2020. The fully affordable community encompasses studios, one- and two-bedroom apartments for low- and very low-income seniors, with 15 apartments reserved for formerly homeless households with special needs. Designed by Urban Architecture Lab to meet LEED Gold standards, the community was completed with help from construction loans totaling $29 million provided by Wells Fargo Bank, California Community Reinvestment Corp. and the California Housing Finance Agency.
Westmore Linden is located at 1250 S. Westmoreland Ave., within an Opportunity Zone. The property is within walking distance of multiple grocery stores, public transportation options and parks. Additionally, the community is adjacent to another West Hollywood Community Housing Corp. development—the 93-unit Elden Elms, slated to come online next year.
3. 4252 CRENSHAW
Following six years of virtually no significant deliveries, one 140-unit project reached completion in 2019 in the metro’s Adams-Normandie-Hoover submarket. And this year, an individual owner completed the 111-apartment 4252 CRENSHAW, while three additional projects totaling 181 units were underway as of March.
The four-story 4252 CRENSHAW includes 13 affordable units and consists of studios, live-work and one-bedroom apartments. A rooftop terrace, business center, clubhouse and community room are among common-area amenities. Located on at 4252 Crenshaw Blvd., the community provides quick access to the Baldwin Hills Crenshaw shopping mall, public transportation options and dining venues. The property is less than 10 miles from downtown Los Angeles, while Los Angeles International Airport is a roughly 20-minute drive away.
Development activity has picked up significantly in recent quarters in the Canoga Park submarket, as some 380 apartments came online last year following two years of stagnation. This year, Virtu Investments completed the 174-unit Mira, which encompasses one- and two-bedroom units. The owner acquired the development in late 2019 from CityView for $70.5 million and selected Greystar to provide management and leasing services. The six-story project was developed with the help of a $36.8 million construction loan from Comerica Bank.
Situated at 21425 Vanowen St., Mira is within walking distance of multiple bus stations and is in the vicinity of Topanga Canyon Boulevard, which provides access to the Westfield Topanga & The Village shopping mall. Additionally, Arthur Murray Dance School Woodland Hills, Canoga Park High School and Owensmouth High School are also nearby.
1. Las Positas
Deliveries declined year-over-year in the Camarillo submarket in 2019 by more than 75 percent, as only one community came online—Fore Property Co.’s 104-unit Springville Senior, which is pursuing LEED certification. This year, the developer expanded its Camarillo footprint by delivering the 213-apartment Las Positas. The 15-building property includes one- and two-bedroom units, with common-area amenities such as a fitness center, spa, swimming pool, clubhouse and business center. Designed to meet LEED Silver standards, the property also features 6,000 square feet of retail space.
Las Positas is located at 352 Townsite Promenade, within walking distance of Mel Vincent Park and Camarillo Town Center Shopping Center. Las Posas Elementary School, Gateway Community School and Frontier High School are also situated less than 2 miles from the property.
Yardi Matrix covers all multifamily properties of 50+ units in size across 133 markets in the United States. This ranking reflects deliveries of properties within that sample group.