Carmel Partners eyeing apartment complex for East Hollywood
The firm’s 3-property purchase could enable it to build more than 150 units
A recent three-property purchase by Carmel Partners in East Hollywood could enable the firm to build more than 150 units there.
The San Francisco real estate investment company paid $13.3 million for the three lots at 4629-4645 Maubert Avenue, according to 3TEN Capital Group agent Roy Harel, whose West Hollywood firm represented Carmel Partners in the deal. The properties, which total 33,000 square feet, now have apartment buildings with a combined 14 units; all are occupied.
Carmel Partners does not have formal development plans, but zoning on the lots and its Tier 4 Transit Oriented Communities eligibility designation would allow for 150 units or more. The site is less than 600 feet from the Vermont/Sunset Metro Red Line station.
Two of the properties were owned by an LLC that leads to an individual named Ta Kwang Kwan, based in Pasadena. The other was owned by a family trust.
Carmel Partners has been active in Los Angeles. It is seeking City Council approval for a large mixed-use project at 520 S. Mateo Street in the Arts District. It’s also seeking approval for a 200-unit project in Glendale.
In West Adams, it’s planning a 1,210-unit mixed-use project called Cumulus.