Beach City Capital has acquired 12757-12767 Mitchell Avenue, which contains 25 units across three existing multifamily buildings.
With current rents substantially below market, and a prime location near Venice Beach and Marina Del Rey surrounded by numerous office and retail opportunities on Washington Boulevard, the properties are excellent candidates for development. The average home sales price in Mar Vista has increased 83% from 2012 to 2016. The area continues to experience rapid growth with a large influx of high-income millennials and a growing work force of tech, media, aerospace and finance sector companies given the neighborhood’s convenient access to Los Angeles’ premier employment centers and amenities.
The Project’s site was acquired in Sept 2018 via a JV Partnership with the land owner. Beach City Capital will be building 27 apartment units on the property, and the Project is currently in the final stages of Plan Check with the Los Angeles Department of Building & Safety. The Project is on schedule to commence construction in September 2020.
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Entitlements & Construction
The Project is offered with no entitlement risk as the site’s current zoning is R3-1, allowing 27 units by-right. As such, the Project is not subject to Planning Commission, City Council, or CEQA review. Additionally, because the Project is less than 49 units, the only step in the approval process is through the Los Angeles Department of Building & Safety for Plan Check.