LOS ANGELES (May 16, 2011)—Los Angeles based developer California Landmark has broken ground on one of the first for-sale, multifamily projects to get underway in West Los Angeles this year. The 25-unit property, located at the southwest corner of Wellesley and Texas (two blocks west of Bundy just south of Wilshire Boulevard) is expected to be completed by the summer of 2012.
The building, designed by PK Architecture, is in the “Plantation” style, and will have two and three bedroom floor plans averaging 1,500 square feet in size. Prices are expected to start in the mid-$600,000s.
The property was previously home to a dated 1950s-era apartment building.
“Last year, we started building new multifamily construction on the Westside of Los Angeles even when many analysts warned against moving ahead with new product,” said California Landmark CEO Ken Kahan. “We don’t mind being contrarians. There are consumers buying in the recession, and they demand the kind of high-quality, high-value homes we create at California Landmark.”
California Landmark is also nearing the completion of a new 21-unit condominium project, “Avenida Prosser”, on Prosser Avenue just east of Westwood Boulevard, and is continuing to look for new development opportunities. “We expect to continue to be very active in the multifamily sector in Southern California,” Kahan said.
About California Landmark
California Landmark, a development and investment company formed in 1988, acquires, rehabilitates and develops real estate primarily in Southern California. The firm, based in Westwood, has distinguished itself as an innovative problem solver in the design of residential and commercial communities. California Landmark’s residential projects are well known for their quality and character.