8733 Reading Avenue streetview
West L.A. was the site for both of the new mid-size residential projects that developers filed last week.
Under the plans, Westchester and Hollywood would each get a mixed-income project that would use transit-oriented incentives to add a small stock of affordable units to a pricier part of the city.
In either neighborhood, new finishes and proximity to transit can bring in rents starting at $2,000 for a one-bedroom, according to active rental listings on Zillow.
But the similarities end there. Westchester is a single-family community in the midst of transition, and the 34-unit project planned there would be the first of its kind on the block.
Hollywood, on the other hand, has seen rental development and multifamily investment sales surge. In August, an investor paid more than $345,000 per unit for an apartment house on North Highland Avenue built in 1984, while Goldrich Kest dropped $52 million for a 76-unit mixed-user nearby.
8733 Reading Avenue | Westchester | 34 Units
WNMS Communities is doubling down on Westchester with this project.
WNMS bought the site in June 2017 for $1.1 million and will build up to 70 percent more units than normally allowed because the site is in a “tier-3” zone—the second-highest in the transit-oriented communities program. A triplex occupies the site right now, and most of the homes on the street are single-family residences or low-density apartments.
The local developer, which is headed by Scott Walter, filed plans for another 30-unit multifamily at 8911 South Ramsgate Avenue in August.
5823 W. Lexington Avenue | Hollywood | 21 Units
Brookside Equities, a private equity firm based in Los Angeles, is partnering with Proper Development and investor Ari Miller to build this five-story building on Lexington Avenue between Van Ness and Bronson.
The joint-venture bought the development site last December for $3.6 million, with Brookside taking the largest share of 49 percent, while Miller and Proper Development split the remaining 51 percent.
Proper Development is led by Daniel Pourbaba, the son of David Pourbaba, who is the CEO of 4D Development & Investments.
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