(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
LOS ANGELES-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement a few days ago, but GlobeSt.com has learned that
Westwood, CA-based California Landmark Group plans to invest more than $75 million in the next 12 months in urban infill, multifamily development properties throughout Southern California.
Ken Kahan, CLG CEO, tells GlobeSt.com that the company will be looking at un-entitled and entitled land parcels as well as class B or C retail and office properties. “Within Los Angeles, we are heavily focused on Downtown, Koreatown and Hollywood,” he explains.
Kahan continues to point out that CLG will also be looking at Southern California coastal cities from Orange County to Ventura County. “We are looking for class B-plus or better locations,” he tells GlobeSt.com.
Projects will feature a range from 50 to as many as 500 buildable units. “We see great opportunity in the commercial, mixed-use and multifamily markets in Southern California, and we are jumping in with a substantial commitment to the local area in the coming months,” he explains. “The multifamily sector in particular has recovered faster than any other sector in this region, and we think the time is now to begin new projects.”
In the last six months, CLG has acquired a three-building, 112-unit apartment portfolio in the prime Encino/Tarzana submarket of the San Fernando Valley with underlying condominium entitlements, and completed and sold a 21-unit West LA condominium project. In addition, the company has several mixed use/multifamily projects, totaling 200 units, under construction in Hollywood, Brentwood and West LA. The firm is also about to begin construction on three additional sites in the next 18 months near Marina del Rey, Culver City and the Grove.
“We hope to continue to lead the pack with quality projects that continue to draw community support,” Kahan adds. He explains that CLG has focused on urban development for the past 25 years and will continue to make it the firm’s core business.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
