Development of 124 Apartments and 6,000 SF Retail Space
Los Angeles, CA
Parkview Financial has provided a $29 million construction loan to Greenpointe Development for a mixed-use project this is planned to include 124 apartment units and 6,000-square-feet of ground floor retail space located at 4242 Crenshaw Boulevard in the Leimert Park neighborhood of south Los Angeles. The site currently has commercial properties which will be demolished. Completion of construction is anticipated for October 2022.
Situated on .84 acres, the Class A, five-story building will include ground-level bike storage and 60 parking spaces. Elevator service will provide access between street level/parking areas and the residences.
With an average unit size of 755 sf, the property is planned for market rate units including 18 studios, 43 one-bedroom units and 49 one-bedroom units, as well as low income units consisting of two studios, five one-bedroom units and seven two-bedroom units. The units will include washer/dryers, 9' ceilings, solid surface counters, stainless steel full appliance package, air conditioning, and a balcony or patio.
“This is Parkview’s third L.A.-area loan with experienced developer, Greenpointe Development,” said Paul Rahimian, CEO and Founder of Parkview Financial. “This project will help satisfy a local demand for area housing for both single-person households and families at lower rents compared to other pricier nearby areas.”
4242 Crenshaw is in a new path of growth in Los Angeles. Developers have begun taking a strong interest in moving south of the 10 Freeway in Los Angeles. Mega projects such as Sofi Stadium and the redevelopment of the Baldwin Hills Crenshaw Mall have been catalysts for smaller apartment projects.
Marty Friedemann, Senior Underwriter with Parkview Financial noted: “We triangulated value from the nearby developments at high interest submarkets such as West Adams and Jefferson Park as well as the Sofi Stadium area to get comfortable that 4242 Crenshaw was going to increase in value in the future. The submarket rents are currently much lower than that of the average for Los Angeles, but that is because there has been so little development. When new development does occur, demand is high. In many ways, it is the high rents in the rest of Los Angeles that are driving demand into these often-neglected submarkets.”