Development of 79 Residential Units, 2,121 SQFT Retail
Los Angeles, CA
Parkview Financial has funded a $16.5 million construction loan to Los Angeles-based 5050 Pico, LLC for the development of Kentish Town. The new five-story mixed-use residential and retail project is located at 5050 W. Pico Blvd. in Los Angeles’ Mid-City/West Adams/Pico Heights submarket.
Parkview Financial’s Paul Rahimian says, “This property will be one of only a few newly-constructed apartment buildings in its submarket which has experienced eight years of consecutive rent growth and is currently seeing a low vacancy rate of just 2.4%.”
The 60,110-square-foot project will include 79 residential units and 2,121 square feet of ground floor retail space. There will also be a grade-level parking area and a subterranean parking level totaling 67 spaces. On-site tenant amenities will include two rooftop decks, a bike room with storage, and a resident lounge.
The residential units consist of a mix of studio and one-bedroom floor plans. Construction has commenced, with completion anticipated for October 2020.