The Real Deal Los Angeles

Multi-family projects filling up Boyle Heights

Verono Investments building its second building in the neighborhood
By Gregory Cornfield |
Research by Laura Hanrahan
September 28, 2018 03:00PM

Andrew Raitt and Verono Investments hopes to build a 34-unit apartment building in Boyle Heights (Credit: Google Maps)

A company filed plans this week with Los Angeles to build its second multi-family project in Boyle Heights.

Pleasant View 1 LLC plans to build a 34-unit apartment building at 1550 E. Pleasant Ave., with four of the units set aside for tenants with extremely low income. The company is registered to Andrew Raitt, the CEO of Los Angeles-based Verono Investments.

The plans include demolishing two single-family homes on the property that Raitt purchased for $450,000 in 2016. Since the location is a block from a Metro Gold Line stop, the developer is seeking to use incentives from the Transit-Oriented Communities program, which include increasing the height by 22 feet. The location is also just off the 101 and the 10 freeways.

Nearby, Verona Investments is working to complete the 30-unit Percy Apartments, at 3638 Percy St. They will include apartments with three bedrooms each, which will be available soon, according to the company’s website. Projected rents for the homes are about $2,600 for bottom units, and $2,850 for top units.

Boyle Heights has seen other projects with affordable housing this year. Azure Development filed plans in January to build a 44-unit affordable housing apartment at 110 S. Boyle Avenue.