Los Angeles Intergulf Property Group Multifamily Development, which is set to come up in Los Angeles’ Westlake neighbourhood, has secured US$ 66M construction finance from Churchill Real Estate according to Intergulf Development Group’s chief operating officer, Shaadi Faris.
With this funding, Intergulf Development Group, which is a vertically integrated real estate development company and asset manager with a primary focus on the multifamily sector, is set to begin the construction works this summer.
Los Angeles Intergulf Property Group Multifamily Development and Westlake neighbourhood overview
The seven-story Los Angeles Intergulf Property Group Multifamily Development will be developed on a 1.06-acre site at 495 Hartford Avenue. It will include 218 apartments, 36 of which will be affordable, as well as a pool, a roof deck, workout rooms, and a resident’s lounge. The project is expected to be completed by 2024.
The Westlake submarket is one of the least expensive in the Los Angeles metropolitan statistical region. With its new Class A multifamily complexes and closeness to downtown Los Angeles, the neighbourhood is likely to witness near-term population expansion.
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“While much has been made of the obstacles that face the Southern California market, we are seeing substantial pattern shifts and mean reversion that bode positively for the Los Angeles market. The L.A. growth story hasn’t been as prominent in the last 24 months as it has been in other markets, which could indicate that it is more resilient in the face of a shifting and more challenging economic environment,” said Jeff Rosenfeld, vice president and co-head of originations at Churchill with Sean Robertson.
“With over 20 years of experience constructing communities in Southern California, Intergulf will continue to offer its development and construction expertise to these expanding areas,” said Faris.
