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April 18, 2021
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MULTIFAMILY NEWS
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East Hollywood Apartment Development Set to Start with $21.5 Mil Construction Loan

4/02/21

Parkview Financial has provided a $21.5 mil construction loan to Oakwood CA LLC for the development of a 68-unit apartment property in East Hollywood. The fully entitled development, situated on a .68-acre land parcel at 4065 Oakwood Ave, is anticipated for completion in 2022.

The five-story building will consist of two studios, 25 one-bedroom units and 41 two-bedroom units with the average unit size of just over 1k sf. Fourteen of the units are designated for low income residents. The property will feature a 4k sf courtyard within the building’s U-shaped footprint that will provide common outdoor space to residents, as well as 100 parking spaces.

Adjacent to the 101 Fwy, the project is immediately north of Koreatown, south of Hollywood and west of Silverlake. It is close to job hubs including Hollywood, downtown L.A., and Glendale. Historically it has been a densely populated, lower-income submarket in the center of the L.A. metro region.

“With hundreds of units under construction, this East Hollywood submarket has seen a resurgence of new development activity lately,” said Paul Rahimian, CEO and Founder of Parkview Financial. “While the pandemic has hit certain L.A. rental markets harder than others, this area has been less affected as rents are about 20% lower than nearby neighborhoods.”

Vacancy rates in East Hollywood are typically among the lowest of any L.A. submarket, holding below 4% for most of the last decade and are currently around 5.6% due to the pandemic. Currently, there are approximately 850 units are under construction, primarily in smaller communities of less than 50 units. The development boom has just begun to arrive in this submarket as others become overheated. Renters seeking a more affordable, but central location will be attracted to this project. Additionally, the large sized units provide space for multiple renters and families.




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