Manhattan West Real Estate, a division of Manhattan West, a global strategic investment firm offering an integrated platform of investments and services, has announced plans for development of two multifamily properties totaling 102 units in Los Angeles’ historic Echo Park neighborhood.
Manhattan West and its joint venture partner, Local Development, are currently pursuing development entitlements with the City of Los Angeles via its Transit Oriented Communities Affordable Housing Incentive Program (TOC) for 801-809 N. Alvarado Street (801 Alvarado) and 900-908 N. Alvarado Street (900 Alvarado) which are situated one-block apart.
Earlier this month, the joint venture acquired 900 Alvarado which totals 15,000 square feet (sf) of land, for $4.0 million. In December 2021, it acquired 801 Alvarado, a 12,678-sf site, for $4.25 million and will be demolishing the existing vacant structures in early September. Once entitlements are finalized, construction on both projects is anticipated to begin in late 2023, with completion targeted for approximately 24 months post-groundbreaking.
“Echo Park has been thriving over recent years due in part to its convenient location to a number of employment centers, expanding base of trendy local restaurants and shops, and diverse community of artists, musicians and other creatives,” said Adam Norvell, managing director of real estate at Manhattan West. “With this most recent site acquired, we are looking forward to bringing two much-needed, high-quality rental projects with a total of 10 affordable units to Echo Park.”
Both properties will offer residents one-, two- and three-bedroom units with balconies in most units, and a rooftop deck, among other amenities. They will also include a number of energy efficient features such as EV charging stations and solar.
900 Alvarado is planned for 47 units. The building will include five stories of residences over a two-level, 48-car subterranean parking garage and a fitness center.
801 Alvarado is planned for 55 units. The building will include five stories of residences over a two-level, 40-car subterranean parking garage.
Norvell added, “The greater Los Angeles region continues to experience outsized demand for rental product with an extremely tight vacancy rate under 4%. Manhattan West has been proactively seeking opportunities to build residential product that will help provide much-needed housing to supply-constrained, employment-rich markets here as well as throughout Southern California.”
Hankey Capital, a bridge lender based in west Los Angeles, originated the senior financing on the acquisitions of both properties.
Warren Techentin is designing 801 Alvarado and DE Architects is designing 900 Alvarado.
Manhattan West Real Estate is a community-focused real estate team uniquely positioned as an owner, operator and manager of multifamily and industrial properties and has sought to add value to the communities it operates in and positively impact the tenants and residents of its buildings. Since inception, the group has focused on targeting value-add and opportunistic assets.
About Local Development: Local Development is a comprehensive real estate firm specializing in the acquisition, entitlement and development of ground-up multifamily projects in Los Angeles. Founded by principal Jason Grant, a local Angeleno, the company’s mission is to help address the daunting housing shortage across the greater Los Angeles area. With over a decade of experience, Local Development is focused on creating sustainable and thoughtful housing through urban development.