California Landmark CEO Ken Kahan noted, “Last year, we started building new multifamily construction on the Westside of Los Angeles even when many analysts warned against moving ahead with new product. We don’t mind being contrarians. There are consumers buying in the recession."

Kahan says California Landmark is continuing to look for new development opportunities, adding, “We expect to continue to be very active in the multifamily sector in Southern California.” The Westwood-based firm, established in 1988, acquires, rehabilitates and develops real estate primarily in Southern California.

When California Landmark started work on Avenida Prosser last year, GlobeSt.com called it one of the most unusual of the developments under way in Southern California because it was a rare, all-new for-sale project at a time when little of such construction was under way―which is still pretty much the case. The Avenida Prosser building is on a former utility company parking lot on Prosser Avenue, just south of Santa Monica Boulevard and west of Beverly Glen, adjacent to California Landmark's corporate headquarters.