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

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

Los Angeles /
Oct.October 18, 2017 10:00 AM

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
Western National Group CEO Michael Hayde and ASB Real Estate Investments CEO Robert Bellinger with the apartments (ASB, Western National)
ASB, Western National buy Inland Empire apartment complex for $227M
ASB, Western National buy Inland Empire apartment complex for $227M
Let’s make a deal: SF’s small landlords confront lost rent and vacancies
Let’s make a deal: SF’s small landlords confront lost rent and vacancies
Let’s make a deal: SF’s small landlords confront lost rent and vacancies
The lawsuit alleges that the property manager was a serial sexual harasser, frequently making unwelcome advances and surprise visits to female tenants’ homes and offering rent discounts in exchange for sex (DOJ, Getty)
Feds settle sexual harassment case with LA property manager, owner
Feds settle sexual harassment case with LA property manager, owner
The complexes at 310 and 315 South Virgil Avenue (Iconic Investments)
Xenon Investments buys 130 units in Koreatown for $41M
Xenon Investments buys 130 units in Koreatown for $41M
Trion Properties managing partners Max Sharkansky and Mitch Paskover (Trion Properties, iStock)
Trion Properties’ latest multifamily fund targets West, Southeast
Trion Properties’ latest multifamily fund targets West, Southeast
Jordan Slone of Harbor Group with the Olive Ridge complex (Harbor)
Harbor pays $47M for 220-unit complex in Pomona
Harbor pays $47M for 220-unit complex in Pomona
ShainRealty Capital managing partners Jonathan Shainberg and Elliot Shainberg (ShainRealty Capital)
ShainRealty Capital moves into Dallas with $46M purchase
ShainRealty Capital moves into Dallas with $46M purchase
Blackstone CEO Stephen Schwarzman (Getty, iStock)
Blackstone buys San Diego apartment complexes in $1B deal
Blackstone buys San Diego apartment complexes in $1B deal
arrow_forward_ios

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

Loading...