Los Angeles-based LaTerra Development has scooped up another Westside property with the aim of building apartments, Kidder Mathews announced this week.
The property, which consists of three parcels at 4112-4134 Del Rey Avenue, is roughly 2.8 acres in size and features 300 feet of street frontage - a larger assemblage than other recent development sites in the area. LaTerra intends to build an apartment complex with 200 or more residential units on the property, says Steven C. Brombal with Kidder Mathews via e-mail.
In a separate transaction a series of commercial and retail buildings along a neighboring 500-foot-long stretch of Lincoln Boulevard. The buyer is a private investor.
The land deals are the latest signs of change in the formerly industrial blocks to the east of Lincoln Boulevard in the Del Rey neighborhood, where manufacturing facilities and offices have made way for condos and loft-style apartments. California Landmark Group has invested heavily in the neighborhood, building projects such as the 230-unit G8 apartments and the 51-unit C1 development.
LaTerra, which is based in Century City, is one of the region's more prolific developers of multifamily rental housing, boasting under-construction projects in Los Feliz, Santa Monica, West Hollywood, and Burbank. The company is currently in construction at a mixed-use apartment complex in Mar Vista, not far from the new Del Rey property.
- Del Rey (Urbanize LA)