Fairfield Residential is planning to build an apartment complex on five acres in the Glassell Park district of Northeast Los Angeles, where gentrification has sparked it’s usual complement of controversy in the adjacent Highland Park neighborhood.
The San Diego-based firm has filed plans to construct 370 apartments at 2910 North San Fernando Road, according to planning documents. The firm did not immediately respond to a request for comment.
About eight percent of the apartments — 31 — will be reserved for low-income residents.
Fairfield bought the 4.6-acre site — previously zoned for industrial use — for $27 million last year, after it received environmental approval in 2019 to build the project, records show.
Under its plans, the firm will demolish a 54,000-square-foot storage, warehouse and distribution building and build a single five-story structure.
The building will also include 59,000 square feet of open space, 1,900 square feet of co-working space and 597 parking spaces.
It will be Fairfield’s fourth apartment complex in Los Angeles. The firm currently has two up and running— one in Woodland Hills and the other in Northridge — and is planning to build a 362-unit apartment complex on the border of Culver City.
Fairfield has around 43,000 units under management across 18 states, and has acquired or developed more than 960 multifamily communities, according to its website. In 2019, California State Teachers’ Retirement System acquired a majority stake in Fairfield from Brookfield Asset Management.