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LOS ANGELES COUNTY NEWS
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Trion Properties and The Ketter Group Acquire Dev Site in L.A.’s Mid-Wilshire

10/28/19

Trion Properties and joint venture partner The Ketter Group have acquired a land parcel in L.A.’s Mid-Wilshire area for $7.35 mil. The land, which was previously entitled for 45 units, will be used for residential development.

Trion and Ketter strategically plan to execute a re-entitlement for 58 units in accordance with new housing guidelines, according to David Moghavem, Director of Acquisitions at Trion Properties. This acquisition comes while Trion Properties and The Ketter Group are currently developing a 45-unit multifamily community on the same block, on a site that was acquired fully entitled in January of this year.

The new multifamily community will be located at 1500 Hi Point St, south of Pico Blvd and west of Fairfax Ave. Moghavem notes that this property will take approximately 16 months to entitle and 24 months to develop. From there, Trion and Ketter plan to hold the cash-flowing asset for at least one year, then reevaluate their plans, based on current market conditions and investment strategy.

This is Trion’s third development to be completed with The Ketter Group. Prior to the Hi Point projects, the joint venture partnership broke ground on another multifamily development, located at 5012-5016 South Slauson Ave. The apartment community, Fifty Twelve, will be open for occupancy before the end of the year.

“Central Los Angeles is experiencing an increase in both the quality and quantity of employment opportunities, resulting in high demand for housing in submarkets like Mid-Wilshire, where residents can live in spacious, fully amenitized units at relatively low prices compared to surrounding neighborhoods like Beverly Hills,” explains Moghavem. “This growth has skyrocketed even in the approximately nine months since we broke ground on our first development in the submarket, with recent comparable multifamily developments demonstrated values north of $700,000 a door – paving a clear pathway to our eventual exit.”

Adds Max Sharkansky, Managing Partner at Trion Properties: “We strive to remain active in markets that are expected to stay resilient, even in the face of a potential downturn. Our first development on Hi Point Street is well underway, with budget and schedule on track. Upon completion, the proximity of the two assets will maximize the firm’s operation and management efficiencies, ultimately increasing return-on-investment.”

Future residents of these communities will benefit from a prime location near popular L.A. attractions including the Los Angeles County Museum of Art and Miracle Mile shopping district, as well as increasingly accessible transportation options. The sites are in proximity to I-10 Fwy, Fairfax Ave, Crescent Heights Blvd, Pico Blvd, and the upcoming Wilshire/Fairfax Metro station, which is scheduled to open in 2023.






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