Los Angeles-based Canfield Development is putting the finishing touches on The 505, a new apartment complex located northeast of the USC campus in University Park

watermark View looking northwest from Flower StreetUrbanize LA

The project, which is named for its address at 505 W. 31st Street, consists of a seven-story building featuring 73 studio, one-, and two-bedroom apartments above parking for 78 vehicles.  Canfield will set aside eight of the apartments for very low- and moderate-income households as a condition of approval for density bonus incentives.

According to a leasing website, the apartments will range from as small as 341 square feet in size to as 1,341 square feet.  Rents start at $2,820 per month.

The apartments, according to the Canfield website, will be marketed towards college students.  The 505 will have capacity for up to 187 residents.

Rendered view looking north from 31st Street, nightCanfield Development

HBA Architects is designing the podium-type building, which will be clad in the type of red brick commonly seen at USC.  On-site amenities will include a rooftop deck, a gym, and a resident lounge.

The apartment complex, located a block north of Metro's Jefferson/USC Station, is one of several mixed-use and multifamily residential developments targeting students in the Exposition Park community.  Less than one mile south at 38th and Figueroa Streets, a similar development is under construction across the street from Exposition Park.  Three blocks north at 28th Street, a former Grinder restaurant could be redeveloped with up to 157 apartments.

Canfield's other upcoming projects include a proposed mixed-use building with 85 apartments and retail near the Vermont/Santa Monica Metro station, as well as a proposed residential-retail complex on Venice Boulevard in Palms.

Apartment interiorCanfield Development