Ratkovich Co. plans multifamily development at 40-acre Alhambra Complex

Nearly 1,000 residential units could be built on the site

TRD LOS ANGELES /
Oct.October 18, 2017 10:00 AM
Rendering of The Villages at the Alhambra (Credit: The Ratkovich Company)

The Ratkovich Company filed plans to build a multifamily residential complex on its 40-acre mixed-use campus at 1000 S. Fremont Avenue in Alhambra, Urbanize reported.

The Wayne Ratkovich-led company, which is the minority owner of the site, proposed a three-phase development on 20 acres of land currently occupied by parking lots and small commercial buildings, according to documents filed with the Alhambra City Council last week. The project, dubbed “The Villages at the Alhambra,” would create up to 1,061 residential units (516 for sale, 545 for rent), split up with internal roads and pedestrian walkways.

Ratkovich initially planned a 351-unit condominium complex for the site in 2006 but it never came to fruition.

Phase one of its new proposal would consist of building the proposed parking structure, located along Palm Avenue. The second phase would consist of three wrap buildings along Mission Road, while the final phase would involve building three podium-type buildings and 36 townhomes on Orange Street.

Ratkovich Co. bought the Alhambra complex in 1999 and refinanced it with a Goldman Sachs loan in 2006. A partnership led by the Ratkovich Company and American International Group sold a majority stake in campus to two new partners, ELITE International Investment Fund and Shanghai-based Future Land Holdings, in February. Ratkovich retained a minority stake in the project and reamins the general partner, overseeing day to day operations, while AIG exited the deal.

The sale of the property helped the previous partnership pay off an existing $130 million CMBS loan attached to the property, which had been transferred to special servicing amid concerns of a default.

Ratkovich has struggled to lease up its Bloc development in Downtown Los Angeles. [Urbanize] – Natalie Hoberman


Related Articles

arrow_forward_ios
From left, clockwise: Daydream Apartments’ Griffin and Grace on Spring, Douglas Emmett’s The Glendon at Westwood and Carlyle Group’s Sofia Los Angeles

Here are LA’s 5 biggest multifamily sales of 2019

Relevant Group’s Richard Heyman and the project site (Credit: Google Maps)

Relevant Group plans 87-unit apartment complex in South LA

A rendering of the project

Developer files plans to build 87-unit apartment complex in Pico Union

A rendering of the project and Douglas Bystry, President and CEO of Clearinghouse

Koreatown resi complex marks firm’s entry into Opportunity Zones

A rendering of the property, Cityview CEO Sean Burton and Virtu Investments principals Michael Green and Scott McWhorter (Credit: LCP 360) 

Virtu pays $71M for Warner Center complex in Opportunity Zone

From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

420 West 9th Street, San Pedro (Credit: Google Maps and iStock)

San Pedro’s apartment project pipeline is filling up

David Nagel

Decron Properties, in multifamily expansion mode, pushes into Warner Center

arrow_forward_ios
Loading...