A Playa Vista-based firm has secured a $16.5-million loan for the construction of a mixed-use apartment complex in the Mid-City area, announced Parkview Financial.
The Kentish Town development, located at 5050 W. Pico Boulevard, will consist of a six-story building featuring 79 apartments, 2,121 square feet of ground-floor retail space, and a semi-subterranean parking structure with 67 vehicle spaces. Plans also call for amenities including two rooftop decks and a resident lounge.
The podium-type building, designed by Robert James Taylor Architects, will offer a mix of studio and one-bedroom floor plans, averaging 601 square feet in size. Eight apartments will be priced for lower-income renters in exchange for Transit Oriented Communities incentives.
“This property will be one of only a few newly constructed apartment buildings in its submarket which has experienced eight years of consecutive rent growth and is currently seeing a low vacancy rate of just 2.4 percent,” said Paul Rahimian, CEO with Parkview Financial.
The developer of the project, listed as the entity 5050 Pico, LLC, is connected to investor Gagandeep Lakhmna.
Several similar projects are planned or underway along the Mid-City stretch of Pico Boulevard, including a 61-unit condo project now rising just east of Fairfax Avenue.
- Mid-City (Urbanize LA)