By Grubb Properties Development Team
Grubb Properties is expanding its footprint in California with five new Link Apartments℠ communities in Los Angeles, CA. Together, the five locations will provide more than 650 units of essential housing to Los Angeles, directly addressing the region’s lack of middle-market housing.
“Los Angeles is one of the most housing-strapped metropolitan areas in the country,” said Frank Tetel, Managing Director, Acquisitions. “Essential housing, as implemented in our Link Apartments℠ brand, is specifically designed to address this shortfall, bringing accessible rental housing to some of the most vibrant neighborhoods in the city. We’re looking forward to bringing these projects to life, and to creating future opportunities in Los Angeles.”
Los Angeles, the second-largest U.S. metro market, has the highest percentage of renters among its peers, with approximately half of all households renting, primarily due to the high cost of home ownership. This demand drove significant increases in occupancy and rent levels beginning in mid-2021, with 7.1% multifamily rent growth over the past 12 months. When selecting sites for Link Apartments℠, GrubFb looked to submarkets with employment growth and ongoing urbanization, such as Koreatown, West Hollywood and East Hollywood.
The properties are:
The five communities are located in Opportunity Zones and are owned by Grubb’s Link Apartments Opportunity Zone REIT. Fred Shaffer of Saiko Investment, Matthew Stroyman of Blackridge Ventures, and Randall Reel of Allied Urban serve as local development partners.