By Nick Gilbert
SARES-REGIS Group procured 1.72 ac of land in the Little Tokyo locale of Los Angeles and intends to build a complex of 240 apartments.
SARES-REGIS Group's seven-story apartment community will include townhomes, shops and parking garage. Rendering shows the development at South San Pedro and East 2nd streets.
The project at South San Pedro and East 2nd Streets will be three blocks from Los Angeles City Hall and four blocks from the downtown Bunker Hill commercial region. SRG bought the property from The Related Companies and has conceived a seven-story, type III, podium style apartment community that will allow for the latest designs in exteriors, while keeping in mind the tradition of the region.
The apartment community will have townhomes, 17,000 sq. ft of retail outlets, and three floors of subterranean parking. The venture will also include a public parking lot with space for 100 vehicles which will be sold to be managed by a third party. Bill Montgomery, President of SRG’s Multifamily Acquisitions & Investment Division, revealed that the project evaluated at $100 million will commence in March of the coming year and average rent would be $2200.He further extols the virtues of the region, which harbors various cultures and offers contemporary night life, shopping and other facilities, yet with respect to the tradition of the surroundings. This made the area sought after in recent years. The apartment community will have facilities such as a swimming pool and spa, a fitness center on two floors, game and café lounge, club, rooftop porch and living area. Pritzker Realty Group is SRG’s finance associate for the project. The architectural plan is being conceived by TCA.