New 44-unit resi complex slated for Hollywood

Los Angeles /
Jul.July 29, 2016 09:30 AM

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.


Related Articles

arrow_forward_ios
CIM Group’s Avi Shemesh and Lono Hollywood at 6611 Hollywood Boulevard (Google Maps)
CIM suing SBE Entertainment for unpaid rent at Hollywood eatery
CIM suing SBE Entertainment for unpaid rent at Hollywood eatery
Renderings of The Star
The Star, a $500M office tower project, looks to light up Hollywood
The Star, a $500M office tower project, looks to light up Hollywood
Bardas Investment Group founder David Simon and project renderings of Echelon Studios (Bardas)
Bardas Investment, Bain expand $420M Echelon Studios plan
Bardas Investment, Bain expand $420M Echelon Studios plan
Rendering of the project (Van Tilburg, Banvard & Soderbergh, AIA)
American Commercial’s plan for 735-unit project in Hollywood returns
American Commercial’s plan for 735-unit project in Hollywood returns
Rendering of tower at 1717 Bronson Ave., which DM Development and Alex Massachi are proposing.
Developers plan 128-unit rental tower in Hollywood
Developers plan 128-unit rental tower in Hollywood
Blackstone Group's Jon Gray and Hudson Pacific Properties's Victor Coleman (Getty, HPP)
HPP and Blackstone refinance Hollywood portfolio with $1B loan
HPP and Blackstone refinance Hollywood portfolio with $1B loan
Relevant Group co-founders Grant King and Richard Heyman (Facebook via Related)
Relevant Group co-founder Richard Heyman exits firm
Relevant Group co-founder Richard Heyman exits firm
Photo Illustration of California Governor Gavin Newsom (Getty)
California boosting incentives for soundstage development
California boosting incentives for soundstage development
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...