Larchmont LoftsMultifamily Development & Urban Infill
5700 Melrose Ave., Los Angeles, CA 90038
Larchmont Lofts is a multi-phased, mixed-use, 100-unit multifamily rental development, which features 4,000 square feet of retail space.
Located in the Larchmont Village community of Los Angeles, the project is strategically positioned at the intersection of Larchmont Boulevard and Melrose Avenue. The collection of flats and lofts offers views of the city lights and Hollywood Hills.
The project was structured as a joint venture between Genton Property Group and an institutional investor. The $45 million project was acquired, entitled, constructed, and is owned by Genton. Larchmont Lofts’ first phase was completed in April 2008, and the second phase is scheduled for completion in 2011.
The Larchmont Lofts investment thesis is to capitalize on the demand for attractive new rental product in the supply-constrained Hancock Park / Larchmont Village submarket. Assembling the site and obtaining up-zoning in density have created additional property value. The project is located within an established residential neighborhood and the Larchmont Village retail corridor that is nearby Paramount Studios. Larchmont Lofts is well-positioned to address the market’s lack of new product and its low-quality existing rental stock.