Chateau Group files for 65-unit complex in developing Westlake

Arcadia-based firm among several looking to build multifamily housing in area

TRD LOS ANGELES /
Feb.February 28, 2020 02:02 PM
930 S. Park View Street (Credit: Google Maps)
930 S. Park View Street (Credit: Google Maps)

Chateau Group has filed plans to build a 65-unit apartment complex in Westlake, joining a growing list of multifamily developers working to transform the area around Los Angeles’ MacArthur Park.

Chateau Group’s Eric Chen is requesting permission to build the project on two lots at 924-930 South Park View St., property records show.

Arcadia-based Chateau Group is requesting a 25-percent open space reduction through the city’s Transit-Oriented Communities program. The program provides incentives that encourage market-rate developers to include affordable units in projects located near transit hubs. The applicant did not specify whether the project would include affordable units.

Thanks to the TOC incentive program, at least a half-dozen developers have recently filed requests to build higher-density structures in the Westlake area if they provide some affordable units.

The Chateau Group-afliliated KLACP II, LLC, purchased the properties in partnership with Pasadena-based Golden Bridge International Investment Inc. for $1.9 million in March 2018. Chateau Group only bought a 15-percent stake in the properties and Golden Bridge took the remainder.

Last year, Chateau Group scored a $44 million bridge loan to complete construction on a Marriott-branded hotel near the Santa Anita Race Track in Arcadia.


Related Articles

arrow_forward_ios
The corner property on W. 6th Street in Westlake (Credit: Google Maps)

Elias Shokrian advances 100-unit Westlake project

Elias Shokrian advances 100-unit Westlake project
Landlords are organizing a protest around the lack of mortgage relief government policies and the inability to hit tenants with eviction notices.

What do we want? Mortgage relief!: Landlords plan LA protest

What do we want? Mortgage relief!: Landlords plan LA protest
Mike Bannon, California Apartment Association, executive director

Mom-and-pop resi landlords are already struggling

Mom-and-pop resi landlords are already struggling
An illustration of David Lee

A boomtown for a bygone era: Koreatown developers face a reckoning

A boomtown for a bygone era: Koreatown developers face a reckoning
Tani Cantil-Sakauye (Credit: Earl Gibson III/Getty Images)

Landlords sue California over eviction ban

Landlords sue California over eviction ban
Eric Garcetti, Nury Martinez, and Daniel Yukelson (Credit: Marc Flores and Alberto E. Rodriguez via Getty Imahes, Linkedin, and iStock)

LA landlords sue city over residential eviction ban

LA landlords sue city over residential eviction ban
Daniel Yukelson of Apartment Association of Greater L.A. and L.A. City hall (Credit: iStock)

For CA landlords, abysmal is the new normal

For CA landlords, abysmal is the new normal
Daniel Yukelson of Apartment Association of Greater L.A. (Credit: iStock)

Landlords fuming over sexual harassment “reports”

Landlords fuming over sexual harassment “reports”
arrow_forward_ios

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

Loading...