Rental units to replace Sawtelle apartment and commercial building

Filing comes a month after large apartment filing a few blocks southwest

Los Angeles /
Aug.August 23, 2018 10:00 AM
2412 Federal Avenue

A 40-unit apartment building will replace a commercial space and four studio apartments in Sawtelle.

A Roseville entity filed plans for the project this week, taking advantage of density bonuses via the city’s Transit Oriented Communities program to boost the size and number of units in the project. Water Tower LLC set aside four units as affordable for “extremely low income” households. There will also be 33 vehicle parking spaces and 44 bicycle parking spaces.

The property is a unique triangular lot at 2412 Federal Avenue encircled by 20-foot wide alleys with quick access to interstates 10 and 405. It follows another large TOC project a few blocks away on at 12001 Pico Boulevard, which was filed in June. The developer is Santa Monica-based West Coast Investors.

Water Tower LLC leads to a Roseville firm called Asset Preservation. It is an intermediary that helps investors defer capital gains tax via the Internal Revenue Service’s Section 1031 exchange program. The program allows an investor to defer those taxes if the proceeds of the sale are invested into a similar kind of property.

Developers have planned more than 1,000 affordable units via the TOC program since it launched in September 2017. The program provides significant density bonuses to developers in exchange for building affordable units in developments near major transit options.


Related Articles

arrow_forward_ios
Pasadena mayor Victor Gordo and attorney general Rob Bonta (iStock, Rob Bonta, City of Pasadena, Illustration by Kevin Cifuentes for The Real Deal)
Pasadena withstands AG’s slings and arrows, cements SB 9 exemptions
Pasadena withstands AG’s slings and arrows, cements SB 9 exemptions
 1933 South Broadway (Loopnet, iStock)
Ara Tavitian scores $150M refi on The Reef in DTLA
Ara Tavitian scores $150M refi on The Reef in DTLA
East End Capital's Jonathon Yormak and David Peretz and the southeastern corner of South Alameda Street and 6th Street (East End, Google Maps)
East End Capital plans second studio complex in Arts District
East End Capital plans second studio complex in Arts District
Dollinger Properties' Dave Dollinger and Plaza at Golden Valley mall (Crexi, Getty Images)
$54M for Santa Clarita retail center
$54M for Santa Clarita retail center
1633 Victory Boulevard, Glendale and Senior Planner at City of Glendale Dennis Joe (Google Maps, LinkedIn)
New owner wants to enlarge controversial Glendale hotel project
New owner wants to enlarge controversial Glendale hotel project
80 South Street (Wikipedia)
Oceanwide Plaza in DTLA last U.S. project standing for China-based developer
Oceanwide Plaza in DTLA last U.S. project standing for China-based developer
Los Angeles mayoral candidates: Rick Caruso, Karen Bass and Kevin de Leon (Wikimedia, Rick Caruso, iStock)
Real estate industry all over LA mayoral money game
Real estate industry all over LA mayoral money game
The Zero One project with Scott Morris (Marisol Malibu, Scott Morris)
’Net zero’ goes luxe in Malibu on $23M sale
’Net zero’ goes luxe in Malibu on $23M sale
arrow_forward_ios

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

Loading...