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11/03/20
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Parkview Financial has provided construction funding of $37.3 mil for a 112-unit residential development in the Elysian Valley of Los Angeles, just north of Downtown by Glassell Park. The project, a joint venture of River Shelters LLC, LA River Properties LLC, Allesandro Live Work LLC, and Tory River Development LLC, will include ground floor retail space.
The 108.4k sf project will consist of four, nearby non-contiguous lots totaling 2.33 acres at 2957-2965, 2923-2927, 2938-2954, and 2908-2914 Allesandro St. Each of the four lots will include one three-story building.
The unit mix will include one-, two-, and three-bedroom units with features including granite countertops and private balconies. Additionally, each of the assets will include an observation deck, ground floor retail, river and bike path access, and surface parking.
The project, which is primarily within a residential area, is walking distance to the Los Angeles River, is surrounded by major Los Angeles job hubs including downtown L.A., Hollywood, Glendale, and Pasadena, and is near the 5 and 110 freeways. Construction completion is anticipated for 3Q 2022.
According to Paul Rahimian, CEO with Parkview Financial, development and investment are ramping up along the Los Angeles River in anticipation of the planned redesign and revitalization of the waterway which will only elevate values over the coming years.
Prior to the COVID-19 pandemic, vacancy in the Elysian Valley was at 2.6%, and has demonstrated resiliency with vacancy now at around 4.3%. Average rents in Northeast L.A. are about $1,000 per month lower than in nearby downtown L.A.
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