Grubb Properties Develop 5 New Link Apartments Communities in LA

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:

• Link Apartments℠ Kora, 1000 S Vermont Avenue: Located on a rare full-block assemblage in Koreatown, Link Apartments℠ Kora will include 228 units. Target has signed a lease for the approximately 50,000 square foot retail space at the southeast corner of W Olympic Blvd and S Vermont Ave.
• Link Apartments℠ Korella, 950 S Berendo Street: Also located in Koreatown, Link Apartments℠ Korella will include 77 units.
• Link Apartments℠ Solana, 1353 Western Avenue: Located in East Hollywood in close proximity to Target, Starbucks, and numerous co-working locations, Link Apartments℠ Solana will contain 70 units of essential housing.
• Link Apartments℠ NoHo, 5240 Lankershim Boulevard: Link Apartments℠ NoHo comprises 128 units and 5,000 sf retail. The prime North Hollywood location is walkable to the “NoHo District” redevelopment at the North Hollywood Red Line Metro Station and adjacent to Kaiser Permanente.
• Link Apartments℠ Vine, 1200 Vine Street: Just two blocks from Santa Monica Boulevard in the heart of Hollywood, Link Apartments℠ Vine will include 151 units of essential housing.

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.

For more information about investment opportunities with Grubb Properties, visit our Real Estate Investment Funds page.