Developer plans 17 apartments on site of Arlington Heights triplex
Project would raze century-old triplex for 20K sf, five-story complex
A developer has proposed razing a century-old triplex in Arlington Heights and replacing it with a five-story apartment complex.
Crane Lake, an Arcadia-based firm represented by Grace Kwok, has filed plans to build a 17-unit building at 2100 S. Crenshaw Blvd., Urbanize Los Angeles reported. The project would include underground parking for 15 vehicles.
The builder seeks the approval of a Transit Oriented Communities bonus for a building larger than standard zoning allows. In exchange for a density bonus, three apartments would be set aside to rent to an extremely low-income household, such as a single tenant earning less than $24,850 a year.
Arcadia-based PDS Studio has designed the 20,000 square-foot complex, to feature inset balconies and three recreation rooms.
It would replace a triplex containing nearly 3,200 square feet built in 1923, according to Zillow. The two-story complex was purchased in late October for $1.16 million.
As the apartment market rebounds from the pandemic, rental prices in larger complexes across Southern California have seen the biggest gain in a decade while vacancy rates have sunk to a 22-year low, according to a recent study.
But for smaller operators and mom and pop landlords, the numbers in February tell another story.
While L.A. County rents have rebounded during the past six months, they have yet to catch up to March 2020 lease rates, according to the Apartment Association of Greater Los Angeles, made up mainly of owners with fewer than 10 properties.
“Our vacancies are down, definitely down, but our rents are not at pre-pandemic levels,” said Matt Williams, principal for Williams Real Estate Advisors, which manages 650 units in Los Angeles, primarily in small buildings.
[Urbanize Los Angeles] – Dana Bartholomew