The Lee Family Trust is planning a small apartment complex in Hollywood, The Real Deal has learned.
The Glendale-based fund filed plans with the city for a five-story, 44-unit mixed-use complex with 7,700 square feet of retail space, planning documents show.
The nearly 8,000-square-foot lot at the corner of Western Avenue and Marathon Street currently houses a single-story retail building that’s fully leased, according to CoStar. The trust acquired the property for $1.9 million in 2002. The storefront is currently occupied by a laundry store called Laundrywood.
Developers appear to remain confident in L.A.’s rental market, despite an expected onslaught of new inventory in neighborhoods such as Downtown L.A.
“One thing to keep in mind for Southern California is we’re still talking about deliveries that are low 1 percent range of inventory overall,” said Sean Breslin, AvalonBay Communities’ COO, speaking during a second quarter earnings call earlier this week.
Neither the Lee Family Trust nor Proland Property Management, which manages the property at 747 North Western Avenue, could be reached for comment.