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MULTIFAMILY NEWS
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Janone Development Starts Work on 39-Unit Res Project Adjacent ot L.A.’s Koreatown

11/20/20

Los Angeles-based Janone Development has begun work on a six-story, 39-unit apartment project in Los Angeles. The project is being financed with a $16.6 mil construction loan provided by Parkview Financial.

The development is located on a .43-acre parcel at 1100 – 1110 S. Hobart Blvd, east of Western Ave, and south of Olympic Blvd and L.A.’s Koreatown neighborhood. The fully entitled, infill project is scheduled for completion in August 2022.

The project will include a one-bedroom unit, 19 two-bedroom units, and 19 three-bedroom units. With overall floorplans averaging 1.2k sf in size, all of the residences will feature balconies and a full appliance package including in-unit washer/dryers. Five units are slated for low-income tenancy. The property will also feature a courtyard and two levels of parking (one level is subterranean) with 80 spaces and a 39-space bike rack.

“Parkview saw this as a compelling opportunity to provide financing for a rental community within walking distance to Koreatown,” said Paul Rahimian, Founder and CEO with Parkview Financial. “This diverse area continues to experience strong gentrification and demand for urban, multi-story rental product. It also provides a multitude of resident-friendly amenities including shopping, dining, and nightclubs, and is convenient to a number of area job centers. We see this submarket performing well over the long-term.”

Rahimian noted that Los Angeles continues to experience severe housing shortages and high absorption figures. The project’s submarket has continued to see stable occupancies of approximately 95% despite the significant new housing supply added over the past decade.





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