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Family-run Aflalo Equities plans 350 apartments, retail in Beverly Hills
Brothers team up with Harkham family
Aflalo Equities, a family-owned property management and development firm, is planning to develop four Beverly Hills properties into multifamily and retail, according to planning documents filed with the city.
The firm is planning an eight-story building with 110 units at 9467 Olympic Boulevard, and another project at 333 and 337 South Beverly Drive, which will include 30,000 square feet of retail space and 140 apartments, Sammy Aflalo, who runs Aflalo Equities, told TRD.
Sammy is the son of Moshe and Laura Aflalo, who grew a portfolio of stores in L.A.’s Garment District in the 1990s.
Those two sites are co-owned by Aflalo’s family firm and Harkham Family Enterprises, run by Uri Harkham, whose brother Efrem sold a Rodeo Drive hotel for $200 million in 2021.
Separately, Aflalo Equities is planning two additional 10-story buildings at 9430 Olympic Blvd and 9441 W Olympic Blvd, for 45 units and 63 units, respectively. Those properties are a part of a joint venture with the Fisch Property, a property management arm of the family business.
Aflalo Equities is preparing to file detailed plans with the city of Beverly Hills and is “in talks” regarding financing for the developments, according to Sammy Aflalo.
The Harkhams and the Aflalos bought the 333 Beverly Drive site for $2.8 million in 2001, according to Sammy Aflalo and property records filed with L.A. County. They set up a joint venture for the property with the Aflalo family in 2012.
In 2019, the firms obtained a $3.54 million loan from JPMorgan Chase Bank for the site, according to property records, and took out a separate $1.96 million loan from JPMorgan to finance the 337 South Beverly Drive property, according to documents filed with L.A. County.
The Aflalo family, which Sammy said owns a portfolio of properties in West Los Angeles and Downtown Los Angeles, is bullish on the neighborhood.
“Beverly Hills is its own oasis, and there is so little product available that we believe it will be an amazing addition and in very high demand by the market,” he said.