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Grandview Partners to sell LA portfolio of “suite-living” projects
Design focuses “on housing members of communities that share a common vision”
Grandview Partners is se lling a portfolio of four “suite-living” apartment projects in Mar Vista, Westchester and East Hollywood, according to an offering memorandum compiled by their brokers at Kidder Mathews.
The not-yet-constructed projects include 107 suites, 538 beds and 176 parking spaces, according to the marketing materials, which did not disclose an asking price. Kidder Mathews describes the projects as “newly constructed suite-living apartment buildings that are also focused on housing members of communities that share a common vision and mission.”
The memorandum cites Los Angeles Room & Board, a nonprofit that provides transitional housing for community college students and recently bought two L.A. suite-based properties, as an example of how the portfolio’s co-living design could function.
Sites for the developments are located at 4339 Berryman Avenue and 4367 Berryman Avenue in Mar Vista, 8833 Reading Avenue in Westchester and 626 Wilton Place in East Hollywood. Three of the projects are due to be completed in the fourth quarter of this year, with the East Hollywood property slated for the first quarter of 2025.
Units range from one bedroom up to six bedrooms, in keeping with the suite concept.
The first site, located at 4339 Berryman, was bought for $6 million in September 2021, according to property records. In 2022, Connecticut-based Grandview Partners secured a loan for $21.9 million from East West Bank for the development.
The second property at 4367 Berryman Avenue was purchased for $5.38 million in September 2021. The same owner, Grandview Partners, scored a $17.8 million loan in 2022 from East West Bank for the site, maturing in 2025.
No information was listed on PropertyShark for the 8833 Reading Avenue site, but a LoopNet entry called it a third-acre multifamily property.
The final site, listed at 632 Wilton Place, was bought by a Connecticut buyer in 2022 for $6.6 million. The LLC associated with this property shares an address with Grandview Partners in Greenwich.
Christopher Giordano, George Crawford and Phil Taggart at Kidder Mathews hold the listing and did not respond to a request for comment. Owner Grandview Partners also did not respond to a request for comment.