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9/07/17
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A joint venture between Gortikov Enterprises and AMCAL Equities LLC is planning to break ground soon on a new multifamily residential community in Woodland Hills that will contain as many as 335 res units.
The property will cover 4.17 acres at 22055 and 22121 Clarendon St. The site is in walking distance to Ventura Blvd supermarkets, shops and restaurants; close to Westfield Topanga Plaza, and has convenient access to the Orange Line transit link to the Metro rail system.
CBRE’s Laurie Lustig-Bower, Dan Riley, Blake Mirkin, Sam Alison, and Kamran Paydar helped arrange the partnership. Gortikov Enterprises is a privately held real estate management company. AMCAL is a developer of Class A luxury apartments and student housing.
“Multifamily development sites in prime Los Angeles neighborhoods continue to be highly sought after,” said Lustig-Bower. “The Woodland Hills and Warner Center submarket in particular is the focus of ongoing transformational investment.”
The number of new apartments expected to come online in Los Angeles this year is expected to top the previous record reached in 2016, driven by continued strong demand for rental space, according to the latest research report by CBRE Group Inc. Deliveries in 2017 are projected to total 7,830, up from 7,755 in 2016, which had been the highest annual volume in the past 20 years. Continued strong demand helped buoy effective rates to $1,630 during the first quarter from $1,298 in Q1 2012. Rental rate growth was driven not just by changing home ownership preferences but also by the development of high-end multifamily properties in the region.
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