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7/29/22
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Manhattan West Real Estate and its joint venture partner, Local Development, are currently pursuing development entitlements with the City of Los Angeles via its Transit Oriented Communities Affordable Housing Incentive Program (TOC) for two new multifamily projects 801-809 N. Alvarado Street (801 Alvarado) and 900-908 N. Alvarado Street (900 Alvarado). The two projects, which are situated one-block apart in L.A.’s Eagle Rock neighborhood, will total 102 units.
Earlier this month, the joint venture acquired the 15k sf 900 Alvarado site for $4 mil. In December 2021, they acquired the 12.7k sf site at 801 Alvarado for $4.25 mil and will be demolishing the existing vacant structures in early September. Once entitlements are finalized, construction on both projects is anticipated to begin in late 2023, with completion targeted for approximately 24 months post-groundbreaking.
Both properties will offer residents one-, two- and three-bedroom units with balconies in most units, and a rooftop deck, among other amenities. They will also include a number of energy efficient features such as EV charging stations and solar.
900 Alvarado is planned for 47 units. The building will include five stories of residences over a two-level, 48-car subterranean parking garage and a fitness center.
801 Alvarado is planned for 55 units. The building will include five stories of residences over a two-level, 40-car subterranean parking garage.
Hankey Capital, a bridge lender based in west Los Angeles, originated the senior financing on the acquisitions of both properties. Warren Techentin is designing 801 Alvarado and DE Architects is designing 900 Alvarado.
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