Eastside Real Estate & Development News
There's been a big apartment sale in Atwater Village. Ten new homes are being proposed for East Hollywood. And a Silver Lake residents bemoans the "rentrification" of his neighborhood.
Read on for details!
A fully occupied 10-unit apartment building on Hollydale Drive has been sold for $2.25 million - with an eye toward renovating for a more gentrified tenancy, according to Multifamily Biz. The buyer and seller are both Los Angeles-based private investors, and were both represented by the brokerage firm Stepp Commercial. Mark Ventre from Stepp said, “The buyer plans to renovate the units as they turn with high-end luxury finishes to accommodate the new tenant base moving into the area.” Darin Beebower of Stepp said renovation may enable the buyer to double the current income.
Local muralist Leo Limon and Jose Antonio Aguirre are creating a custom mosaic tile mural for a new 10-home project off of Glendale Boulevard. The “Home Again” mural at the Atwater Union project is based on the famed cat murals called “LA River Catz” Lemon (whose work hangs in the Smithsonian) has been painting on storm drain covers along the LA River for over 40 years.
A large data center is replacing the parking lot that used to be next to the Union Station Terminal Annex, according to Urbanize. The structure is to be a four-story, 93-foot-tall building with 180,000 square feet of floor area and an adjacent parking garage.
Four single-family homes on La Mirada Avenue are to be replaced by 10 three-story residences with an attached garage, according to a public-hearing notice from the city’s Department of Planning. The four existing homes are on two lots by 4652 La Mirada. The floor area for each dwelling will range from 1,720 to 1,753 square feet, totaling 17,904. Applicants are listed as Farhad Nikoo and Sunset Mirada, LLC.
The New York Times takes an extensive look at Highland Park, and the pros and cons of gentrification, weighing less gang violence versus the weakening of the neighborhood’s old identity and, perhaps the disappearance of its diversity. "Highland Park is the new Silver Lake," Alison Huddy, from the real estate team Home Sweet Huddy, told the Times. "In the ’80s and ’90s the sun would go down and, that was it — you locked your doors because there was so much gang activity … but now, you walk down Figueroa Street at night, and it’s so happening."
A long-time resident of Silver Lake applauds new regulations restricting short-term residential property rentals, writing in the L.A. Times that it should help stem the tide of what he calls “rentrification.” Charles Fleming writes about his new neighbors in the age of Airbnb: "They arrived in Ubers and Lyfts, dragging suitcases. They tended to smoke a lot of weed, play loud music and leave craft beer bottles and cigarette butts on the street in front of their short-term rentals."
Lourdes Hernández - the Spanish-born folk artist known as Russian Red - has listed her two-bedroom Mediterranean for $1.885 million, after extensively updating it, according to the L.A. Times. She bought home two years ago for $1.2 million. The home - built in 1925 - has two bathrooms and an additional studio. Hernández has released four studio albums, with songs that include “Loving Strangers” and “Cigarettes.”
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That’s it for this issue of Real Estate Monday.
— Barry Lank & Jesús Sanchez