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1/06/21
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Trion Properties has purchased a double-lot parcel in the Pico-Robertson neighborhood of Los Angeles, for a 29-unit luxury multifamily development. The site, located at 1442-1448 Bedford St, three blocks east of Robertson Blvd and just south of Pico Blvd, was acquired for $5.2 mil.
The planned project will offer spacious and modern two- and three-bedroom units averaging 1.1k sf in size. The development is planned to break ground in the second quarter of 2021.
The Bedford development is located in the affluent Pico-Robertson neighborhood, adjacent to Beverly Hills and Century City, at the epicenter of Los Angeles. The site offers exceptional walkability and is located just 0.1 miles away from the Pico and Sherbourne Big Blue Bus stop, which connects the site to as far west as Santa Monica and as far east as Downtown Los Angeles.
According to David Moghavem, Director of Acquisitions at Trion Properties, the company is utilizing incentives provided by Los Angeles’ Transit-Oriented Communities program, which enables the company to offer much-needed market-rate and affordable units. Moghavem also notes that because the land was entitled during escrow, Trion was able to mitigate entitlement risk that comes with purchasing land unentitled, while also ensuring the plans are feasible and align with the firm’s strategy.
Michael Monempour with Kidder Mathews represented Trion Properties in the land acquisition. This will be Trion’s fourth development in the Los Angeles area. While the firm also specializes in value-add multifamily opportunities in other markets like the Bay Area, Denver and greater Portland, the team is bullish on developing multifamily properties in Los Angeles due to the housing shortage and increasing demand for new, quality multifamily supply.
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