Meta Housing Corp., a Los Angeles-based real estate development company specializing in senior housing, has purchased three adjacent parcels in North Hollywood, where it will build an apartment building.
The deal for the 60,000-square-foot property closed Nov. 15. Meta paid about $7.1 million for the parcels, the largest of which is a 25,000-square-foot vacant lot at 10747 Magnolia Blvd. The deal breaks down to about $118 per square foot.
The seller of the largest parcel was No Ho Lofts LLC, an entity of local real estate developer Hagop Sargisian. The others were owned by unnamed private real estate investors. Small, multifamily developments on those properties will be razed to make way for the new building.
The development is in the Community Redevelopment Agency of Los Angeles' North Hollywood Arts District zone. Meta will work with the agency on the project, which will contain an affordable housing component.
Mark Wolf, vice president at Meta, said that the company would like to break ground in a year. Construction would take 18 months. "We are tremendously excited to be a member of the North Hollywood Arts District and we look forward to bringing quality, active senior housing to that part of Los Angeles."
The 124-unit development will be patterned after Meta's other local senior housing developments, including the Burbank Senior Artists Colony, which won awards from the National Association of Homebuilders.
Meta's new building will have an emphasis on "educational, cultural and social amenities," Wolf said. To that end, the company is affiliated with a non-profit that runs programming at its other senior facilities. Residency will be restricted to those 55 years old and older.
Frank Evanisko, president of Studio City-based real estate brokerage Evanisko Realty & Investment Inc., said the project will liven up a quiet part of North Hollywood.
"This has been regarded as a sleepier section of the North Hollywood Arts District and it is in dire need of a catalytic project like this," said Evanisko, who represented both sides of the deal.
Wolf said that Meta is "wrapping up" the entitlements necessary for the project. The development will also include a 4,000-square-foot ground-floor retail component.
An eight-unit, ocean view apartment complex in plush Palos Verdes Estates has changed hands a rare transaction for the area.
The Oct. 19 deal for the 2341 W. Palos Verdes Drive building is valued at $2.9 million or $362,500 per unit. The seller was Stacey Family Trust, which had owned the property for 52 years. The buyer was 2341 Palos Verdes Drive West LLC, the entity of an unnamed Chicago-based private real estate company.
There are only 10 rental properties in Palos Verdes that have eight or more units, with the deal being the first multifamily property sale in the area since 2005, according to Mark Landver of Sperry Van Ness.
"The barriers of entry into that market are impossible," said Landver, who represented both sides of the deal.
He said the purchase required no financing because the buyer "had the $2.9 million on hand; it was wired the day of the closing and that was most appealing."
The all-two-bedroom complex is not protected by a rent control ordinance and monthly rental rates range from a low $800 to $1,800. Landver said rents will be increased immediately, by up to 35 percent.
Los Feliz Sale
The Tower at Hollywood Hills, a luxury apartment project in Los Feliz, has changed hands.
SC Normandie Inc., an entity of New York investment management firm BlackRock Inc., paid $21.7 million for the 80-unit apartment community at 1800 Normandie Ave. The deal closed Oct. 2 and breaks down to $271,250 per unit.
The seller was StarPoint Properties LLC, a Beverly Hills real estate investment firm that has owned the property for less than two years. StarPoint had remodeled the units this fall, adding new countertops and floors, said Kitty Wallace of commercial brokerage Sperry Van Ness.
"It is in a hot and trendy pocket in L.A.," said Wallace, who represented both sides of the deal. "The homes nearby up the hill go in the multimillion-dollar range."
The average monthly rental rate at the 1990 property is $1,700, with studios and one-bedroom units making up the mix. The property is 100 percent occupied, and not protected by a rent control ordinance, Wallace said.
Amenities at the development include a pool, sauna, fire pit and fitness center.
Staff reporter Daniel Miller can be reached at email@example.com or (323) 549-5225, ext. 263.
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