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1551-1557 Hi Point
Los Angeles, CA
- "Ready-to-Issue" Development Site: Perfect for developers seeking to capitalize on the strong multifamily fundamentals in today's market and avoid LA's long and complicated approval process.
- A Unique Yet Cost-Efficient Project: The Site offers developers a cost-efficient structure that also distinguishes itself from the homogeneity of the four-story buildings in the surrounding area.
- Strong Multifamily Fundamentals: Faircrest Heights experienced 5.0% rent growth over the last 12 months and is projected to average 3.24% year over year rent growth over the next 5 years.
- Large Floorplans and 74% of the Unit Mix Are Two Bedrooms : 1551-1557 Hi Point's unit mix is ideal for the base of renters in the Faircrest Heights submarket who pay premiums for larger, well-appointed floorplans. The average unit size at the project is 1,077 square feet and the unit mix features 11% one-bedrooms, 74% two-bedrooms, and 15% three-bedrooms.
- Six Stories is Better Than Four: The project received a height variance from the City that allows for a six-story building while most of the surrounding apartment buildings are only four-stories. This will enhance the appeal of the 5th- and 6th- story penthouse units that will all have the best views in the local area.
- Flight to Quality New Construction: Capital previously earmarked for office, hotel, retail, and rent controlled apartments has shifted to new construction multifamily, driving down cap rates, and creating bidding wars on the few buying opportunities that exist in the marketplace.