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November 20, 2018
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Work Started on Upscale Res Development in L.A.ís Silver Lake Neighborhood

8/20/18

Bolour Associates has broken ground on a 65-unit, luxury apartment complex in the Silver Lake neighborhood of Los Angeles. The $24 mil project is located at 3160 Riverside Dr, adjacent to I-5 at Hyperion Ave.

The new development will include a swimming pool, gym, club room and lushly landscaped common areas. It will feature 29 studios, 27 one bedroom/one bathroom units and nine two bedroom/two bathroom units.

The property benefited from having retained entitlements awarded in 1991, when approvals were granted to build on the site. In the case of 3160 Riverside Drive, the entitlement was codified with a qualifying condition (Q Condition), which meant the propertyís approved land use was still active after more than 27 years.

After its acquisition of the 30k sf property, Bolour was able to add a state bonus density to the existing entitlements and receive timely approval from the City of Los Angeles prior to breaking ground this month. The development was financed with a $24 mil capital stack that included a $17 mil loan from Preferred Bank, a $3.5 mil preferred equity investment and $3.5 mil in equity from Bolour.

The announcement of the Silverlake project groundbreaking follows the successful launch of other projects within BOLOURís middle-market development program. The new design-build program focuses on 40- to 90-unit residential and mixed use development projects in Los Angeles. Currently, in addition this project, Bolour has broken ground on a 48-unit apartment complex in North Hollywood and is slated to break ground on 65- and 90-unit mixed use projects in Koreatown in 2019.






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