The Real Deal Los Angeles

CLG courts yuppies, “creative types” with new acquisitions

California Landmark Group has bought two properties in Northeast L.A. for $7.5 million

March 30, 2016 04:00PM

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200 S. Avenue 59

left: CLG chief executive Ken Kahan, right: 200 South Avenue 59

Even in L.A., the cool kids love to walk.

Or at least that’s what development firm California Landmark Group (CLG) is counting on with its latest project: revamping two newly acquired Northeast L.A. buildings near some of the city’s most pedestrian-friendly streets in two of its hippest neighborhoods.

The company purchased the two apartment buildings for $7.5 million Wednesday with redevelopment plans targeted at young professionals and “creative types.” Development will include upgrades in appliances, countertops, flooring, cabinetry and fixtures. CLG will also remodel the architecture of the buildings on the outside.

The first residence, Highland Grove, is a 28-unit complex at 200 South Avenue 59 in Highland Park. The other is three miles away at 4319 Toland Way in Eagle Rock. The latter has 17 units, and both neighborhoods are along the Arroyo Seco.

A private investor had owned the buildings for decades prior to CLG’s purchase, according to the firm. Marcus and Millichap’s Barry Gordon and Justin Forman brokered the deal for both the buyer and seller.

The properties are within walking distance of L.A.’s “most distinctive pedestrian [thoroughfares],” CLG boasts — Figueroa Street, Eagle Rock Boulevard and York Boulevard. York Boulevard was recently named by Conde Nast Traveler the “new coolest street in LA.”

This project is CLG’s first foray into the Northeast L.A. market. Earlier this year, the residential real estate company opened its $40 million, 84-unit luxury residential property in the Larchmont Village neighborhood. Other active projects include a mixed-use complex in Japantown, a residential complex in the Culver City district and a 67-unit building in the Del Rey Arts District. — Cathaleen Chen