After breaking ground in 2014, a new 49-unit apartment building in East Hollywood is finally being completed. The project is being developed by Taglyan Commercial, a local real estate development company associated with Petros Taglyan.
The five-story building, also referred to as Taglyan Apartments, will be located at 5245 Santa Monica Boulevard and will include 100,000 square feet of residential space as well as 15,000 square feet of commercial space at the ground floor level.
In total, the residential portion of the project will include 12 one-bedroom units averaging 708 square feet; 21 two-bedroom units averaging 987 square feet; 14 three-bedroom units averaging 1,275 square feet; and two four-bedroom units averaging 1,563 square feet.
Designs for the project come from Los Angeles-based Albert Group, with renderings showing top floor terraces and landscaped balconies. The architectural design also features stepped back elevations along both Santa Monica Boulevard and Virginia Avenue, which allow for scale changes between the residential and commercial portions of the building.
Situated along Santa Monica Boulevard near the junction of Interstate 101, the building is near a number of retail and dining amenities as well. Neighboring Hollywood, the property is also near a variety of entertainment companies and studios, such as Paramount Pictures Studios and Sunset Las Palmas Studios.
The immediate vicinity has also seen a number of new residential developments pop up in recent years. Alta Ink, a 161-unit development by Atlanta-based real estate development company Wood Partners, recently was completed at 5750 Hollywood Boulevard. Another project was recently proposed by Sares Regis at 6266 Sunset Boulevard, which would call for the construction of a 153-unit residential building at the site of the Sunset Vine Tower. Also in the planning stages, a mixed-use development by Holloway Partners could bring 111 residential units to 8555 Santa Monica Boulevard.
According to a recent report from Kidder Mathews, the new construction is needed as vacancies across the city have dropped significantly. The fourth quarter multifamily market report from the brokerage firm shows that vacancy across Los Angeles has dropped nearly 40 percent year-over-year to 3.5 percent. At the same time, new multifamily construction across the city is down by just over three percent. In the fourth quarter, 12,732 multifamily units were delivered. However, this is expected to increase in the near future, with Kidder Mathews reporting a nine percent increase of under-construction properties, or approximately 30,920 residential units.
