Los Angeles has seen a significant increase in multifamily projects over the past several years, and recent project applications submitted to the City indicate that more residential developments could soon be underway. One application submitted in mid-August by Brenner Capital would add 184 residential units to the city’s Lincoln Heights neighborhood.
Located at 3601 Mission Road at the corner of Mission Road and Lincoln Avenue, the property has been dubbed the Mission and Lincoln Apartments. With designs from Lahmon Architects, the seven-story building would feature a mix of studio, one-, two- and three-bedroom apartment options.
The approximately one-acre site is currently developed with a 42-stall parking lot which serves the adjacent residential care facility. The project would add two levels of at- and above-grade parking facilities containing 145 parking spaces, with 103 reserved for the residential project and 42 for the care facility.
The project also includes a lobby, leasing office, business center, meeting room, fitness center and a clubhouse.
The project site is also located across the street from Lincoln Park, serving as an extra amenity for future tenants. Also within walking distance of the property are various retail and dining options. The project site is also within close proximity to the University of Southern California Health Campus, which is home to the LAC+USC Medical Center and the Keck Medicine of USC.
The project is one of many to be proposed in Los Angeles in recent months. In Koreatown, Jamison Properties is proposing to add 188 more units to Los Angeles’ Koreatown neighborhood. The project would take shape at 3000 Wilshire Boulevard and join several of the company’s properties that are also planned for the area.
In downtown Los Angeles, National Real Estate Advisors is also planning a 466-unit condominium project at The Bloc, a mixed use office and retail complex. Located at 700 South Flower Street, the project would reach 53 stories upon completion.
According to a second quarter multifamily market report from Avison Young, 217 projects are currently under construction in Los Angeles with another 391 having been proposed. At the same time, rental rates have spiked significantly over the past several quarters. During the second quarter rents in Los Angeles averaged $2,373 per month as opposed to $2,100 per month on average in the second quarter of 2021. Vacancy rates in Los Angeles have also decreased from five percent to 3.8 percent year-over-year, according to the report.
