Las Vegas investor gambles on LA’s multifamily market

Developer plans 25-unit project in Sherman Oaks

Jul.July 02, 2019 04:00 PM
13267 W. Moorpark Street (Credit: Google Maps)
13267 W. Moorpark Street (Credit: Google Maps)

An apartment building and hotel developer from Las Vegas is placing his bet on the Los Angeles housing market.

Ilan Gorodezki filed plans for a 25-unit multifamily project in Sherman Oaks, hoping to develop in a city that is in desperate need of more housing. The market-rate project would include two units for very low-income households.

The four-story project would rise at 13267 W. Moorpark Street.

Gorodezki is seeking density bonuses from Los Angeles for an 11-foot height increase, and an increase to the overall floor area.

The housing costs in the San Fernando Valley remain high. In February, the median price for single-family homes was at $657,000.

Earlier this year, Mercy Housing proposed a 55-unit affordable project for seniors in Sherman Oaks.

The housing market in Nevada is also showing mixed results. At the end of the year, Las Vegas had a continued slowdown. But the exodus of Californians helped boost some parts of Nevada. Average housing prices in the Las Vegas metro area, meanwhile, rose from $120,000 in 2012 to $278,000 in 2019, according to Zillow.

Brightline is working on the “XpressWest” high-speed rail project that will link Los Angeles to Las Vegas. It’s expected to begin service in 2022.

Related Articles

930 S. Park View Street (Credit: Google Maps)

Chateau Group files for 65-unit complex in developing Westlake

A map of Westlake (Credit: Google Maps and iStock)

Developers are digging into multifamily projects in Westlake

Ken Gladstein in front of 630 Masselin Avenue

Multifamily investor Sares-Regis bets big on Miracle Mile

A multifamily building could replace this auto body shop (Credit: Google Maps)

Bastion plans 139-unit project on doorstep of booming Culver City

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