Kidder Mathews’ Michael Monempour represented Trion Properties in the acquisition of 1442-1448 Bedford St.
He said in a statement that current residences at the site were already vacant, making the sale process easier.
Mid-Wilshire based Trion Properties largely does value-add properties in regions outside L.A., including the Bay Area; Denver; and Portland, Ore. But it’s doing some ground-up projects locally, and the Pico-Robertson project will be its fourth L.A. development.
“Los Angeles is an area that we know extremely well, and focusing on ground-up developments in this region offers an opportunity for us to be a part of the solution during this housing crisis,” David Moghavem, director of acquisitions at Trion Properties, said in a statement.
The land was already entitled during escrow, which Moghavem said reduced the risk that comes with some land purchases.
For the project, Moghavem said the company would tap into Transit-Oriented Communities, or TOC, incentives. The city of Los Angeles program gives developers perks like density bonuses and decreased parking requirements in exchange for building projects that include affordable housing near transit stops.
The site is near the Pico and Sherbourne Big Blue Bus stop and not far from the future Wilshire/La Cienega Metro station, which is scheduled to open in 2023.
Max Sharkansky, managing partner at Trion Properties, said in a statement that the development was a “rare opportunity to own Class A real estate in a Class A area.”
“Due to its location in proximity to Los Angeles’ premier submarkets, Pico-Robertson offers residents strong employment opportunities. Century City and Culver City, both within 2 miles of the site, are two prominent business, tech, and entertainment markets,” he added.
