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Multi-Family

1500 Hi Point

1500 Hi Point St, Los Angeles, CA 90035

Listing Price: Request For Offer

Lot Size
0.61 acres
Land Type
Land

Investment Overview

THG Multifamily, as exclusive advisor, is pleased to present for sale 1500 Hi Point Street (“The Property”), a 26,544 square foot site with discretionary approvals and RTI “Ready to Issue” drawings for a luxury 58-unit multifamily community. Designed and engineered by a development team with over 50 multifamily projects under their belt and 30 years of experience, 1500 Hi Point features a cost-effective stacking plan, one-level of below grade parking, and intelligently designed floorplans that appeal to renters needing additional space for their families or work from home arrangements. Situated among picturesque residential neighborhoods such as Carthay Square, 1500 Hi Point’s future residents will find the area’s Spanish style architecture and a pride-of-ownership community to be an appealing alternative to the higher density communities that occupy busier commercial thoroughfares. With the Los Angeles economy engine back in gear, the multifamily market is experiencing a rebound unlike anything seen in the last 20 years. Rents are up 11% year-over-year, occupancies exceed 97%, and the City’s unemployment rate has only begun its descent back to historical norms.

Investment Highlights

  • The perfect answer for developers to find a way to capitalize on the perfect storm of multifamily fundamentals while avoiding The City's backlog of applications and complicated approval processes.
  • The area's NIMBY attitude is a major barrier to entry for future competition, particularly for developers seeking the scale of a larger project such as 1500 Hi Point.
  • Annual rent growth for Los Angeles County was 11.5% in 2021 according to Axiometrics and is forecasted to be 8.5% in 2022.
  • 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.
  • Single Family homes values continue to their double-digit ascent with median values rising more than 28% at the end of Q2 2021. While the Fed remains under pressure to begin rate hikes and potentially elevate borrowing costs, historical data from 2015-2018 single family market shows values still rise in the face of rate increases.
  • Not only does 1500 Hi Point include spacious 2- and 3-bedroom floorplans, the Property also features oversized 1 bedrooms, 1 bedroom plus lofts, and 2 bedroom + lofts which allow additional areas for residents with hybrid or 100% work from home arrangements.
  • Statewide legislation has placed severe restrictions against tearing down existing multifamily buildings which unfortunately eliminates many would-be development opportunities from "penciling." With approvals in place and the site cleared for construction, 1500 Hi Point is truly a rare development opportunity.

Exclusively Listed By

Multi-Family

1500 Hi Point

Listing Price: Request For Offer

Lot Size
0.61 acres
Land Type
Land

Investment Highlights

  • The perfect answer for developers to find a way to capitalize on the perfect storm of multifamily fundamentals while avoiding The City's backlog of applications and complicated approval processes.
  • The area's NIMBY attitude is a major barrier to entry for future competition, particularly for developers seeking the scale of a larger project such as 1500 Hi Point.
  • Annual rent growth for Los Angeles County was 11.5% in 2021 according to Axiometrics and is forecasted to be 8.5% in 2022.
  • 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.
  • Single Family homes values continue to their double-digit ascent with median values rising more than 28% at the end of Q2 2021. While the Fed remains under pressure to begin rate hikes and potentially elevate borrowing costs, historical data from 2015-2018 single family market shows values still rise in the face of rate increases.
  • Not only does 1500 Hi Point include spacious 2- and 3-bedroom floorplans, the Property also features oversized 1 bedrooms, 1 bedroom plus lofts, and 2 bedroom + lofts which allow additional areas for residents with hybrid or 100% work from home arrangements.
  • Statewide legislation has placed severe restrictions against tearing down existing multifamily buildings which unfortunately eliminates many would-be development opportunities from "penciling." With approvals in place and the site cleared for construction, 1500 Hi Point is truly a rare development opportunity.

Investment Overview

THG Multifamily, as exclusive advisor, is pleased to present for sale 1500 Hi Point Street (“The Property”), a 26,544 square foot site with discretionary approvals and RTI “Ready to Issue” drawings for a luxury 58-unit multifamily community. Designed and engineered by a development team with over 50 multifamily projects under their belt and 30 years of experience, 1500 Hi Point features a cost-effective stacking plan, one-level of below grade parking, and intelligently designed floorplans that appeal to renters needing additional space for their families or work from home arrangements. Situated among picturesque residential neighborhoods such as Carthay Square, 1500 Hi Point’s future residents will find the area’s Spanish style architecture and a pride-of-ownership community to be an appealing alternative to the higher density communities that occupy busier commercial thoroughfares. With the Los Angeles economy engine back in gear, the multifamily market is experiencing a rebound unlike anything seen in the last 20 years. Rents are up 11% year-over-year, occupancies exceed 97%, and the City’s unemployment rate has only begun its descent back to historical norms.

Exclusively Listed By

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