ELK Development plans 2nd Koreatown apartment complex

60-unit property would include roof deck and common areas

Los Angeles /
Sep.September 22, 2021 01:57 PM
ELK Development founder Evan Kasper and renderings of 728 South Manhattan Place (ELK, OFFICEUNTITLED)
ELK Development founder Evan Kasper and renderings of 728 South Manhattan Place (ELK, OFFICEUNTITLED)

ELK Development is expanding its presence in Koreatown with another residential complex.

The rental housing developer wants to build a 60-unit complex at 728 South Manhattan Place, according to plans filed with the city of Los Angeles.

An LLC linked to ELK bought the site for $2.2 million last November from another LLC linked to Joel Spolin, records show. ELK also secured a $3 million loan on the property from MRV Banks.

The complex will include six affordable units and benefits from incentives under the city’s transit-oriented communities program. While most of the units will be studios, it will also offer one- and two-bedroom apartments.

Plans also include a 5,300-square-foot roof deck and 1,200 square feet of ground-floor common areas.

The property now includes four apartments and a single-family home, all of which would be demolished.

ELK founder Evan Kasper did not respond to a request for comment.

The project would be ELK’s second complex in Koreatown. In 2020, the company planned 80 units at 730 South Vermont Avenue. It acquired the site for $10.2 million and secured a $8.2 million loan on the property, also from MRV Banks.

Koreatown has seen no shortage of new apartment complex construction. A 41-story tower with 367 units from Townline and Forme recently secured city approval. Developer Jonathan Harouni also filed plans earlier this year to build an 88-unit complex in the neighborhood.






    Related Articles

    arrow_forward_ios
    808 S. Broadway and Steve Needleman of Anjac Fashion Buildings (Google Maps, Getty)
    Downtown LA’s biggest rentals set for Fashion District
    Downtown LA’s biggest rentals set for Fashion District
    Kennedy Wilson CEO William McMorrow and the Camarillo development rendering (Kennedy Wilson)
    Kennedy Wilson plans 589-unit community on CSU Channel Islands land
    Kennedy Wilson plans 589-unit community on CSU Channel Islands land
    Alhambra rejects Ratkovich’s 775-unit development
    Alhambra rejects Ratkovich’s 775-unit development
    Alhambra rejects Ratkovich’s 775-unit development
    September year-over-year LA signed contracts fall hard: report
    LA signed contracts fall for 2nd straight month
    LA signed contracts fall for 2nd straight month
    Bow West Capital founder Sean Beddoe and renderings of the project (HKS)
    Bow West snags City Planning approval for 200-unit tower project
    Bow West snags City Planning approval for 200-unit tower project
    Guess CEO Carlos Alberini and Andrea with the two houses (Getty, Hilton & Hyland)
    Guess who? Clothing CEO buys neighboring Beverly Hills property
    Guess who? Clothing CEO buys neighboring Beverly Hills property
    SoLa Impact founder and CEO Martin Muoto, whose firm plans an apartment complex in Park Mesa Heights (Google Maps, SoLa Impact)
    SoLa Impact plans 195-unit rental complex in Park Mesa Heights
    SoLa Impact plans 195-unit rental complex in Park Mesa Heights
    California will count middle-income housing conversions toward affordable housing goals
    California will count middle-income housing conversions toward affordable housing goals
    California will count middle-income housing conversions toward affordable housing goals
    arrow_forward_ios

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

    Loading...