A new apartment complex consisting of a 124-unit complex on 4242 Crenshaw Boulevard in Leimert Park has received a US$30 million construction loan. It is to be put up by Greenpointe Development.
The 124-unit complex on 4242 Crenshaw Boulevard project will be a five-story complex that will include 6,000 square feet of retail space on the ground floor and will have a mix of studios, one and two bedroom units. The units will average 755 square feet. The 124-unit complex on 4242 Crenshaw Boulevard property will have 18 studios, 43 one-bedroom and 49 one-bedroom market-rate units. It will also have two studio, five one-bedroom and seven two-bedroom low-income units. The mixed-use property will replace commercial buildings. The new five-story complex is expected to be completed in October 2022. It will have bike storage and 60 parking spaces.
Leimert Park project
This is Parkview’s third L.A.-area loan with experienced developer Greenpointe Development. This 124-unit complex on 4242 Crenshaw Boulevard project will help satisfy a local demand for area housing for both single-person households and families at lower rents compared to other pricier nearby areas. We triangulated value from the nearby developments at high-interest submarkets such as West Adams and Jefferson Park as well as the Sofi Stadium area to get comfortable that 4242 Crenshaw was going to increase in value in the future,” said the chief executive and founder of Parkview Financial, Paul Rahimian in a statement.
“The submarket rents are currently much lower than that of the average for Los Angeles, but that is because there has been so little development. When new development does occur, demand is high. In many ways, it is the high rents in the rest of Los Angeles that are driving demand into these often-neglected submarkets,” said the senior underwriter at Parkview Financial, Mart Friedemann.