park village apartments...6 11145 sunshine terrace 8 2009 14,817 n/a 8 - 3/2.5 n/a $5,900,000...

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PARK VILLAGE APARTMENTS 5327 HERMITAGE AVENUE 42 BRAND NEW UNITS IN VALLEY VILLAGE, CA

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  • PARK VILLAGE APARTMENTS5 3 2 7 H E R M I T A G E A V E N U E

    4 2 B R A N D N E W U N I T S I N V A L L E Y V I L L A G E , C A

  • The information contained in the following Offering Memorandum is proprietary and strictly confidential. It

    is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be

    made available to any other person or entity without the written consent of Marcus & Millichap. By taking

    possession of and reviewing the information contained herein the recipient agrees to hold and treat all such

    information in the strictest confidence. The recipient further agrees that recipient will not photocopy or

    duplicate any part of the Offering Memorandum. If you have no interest in the subject property at this time,

    please return this Offering Memorandum to Marcus & Millichap.

    This Offering Memorandum has been prepared to provide summary, unverified financial and physical

    information to prospective purchasers, and to establish only a preliminary level of interest in the subject

    property. The information contained herein is not a substitute for a thorough due diligence investigation.

    Marcus & Millichap has not made any investigation, and makes no warranty or representation with respect

    to the income or expenses for the subject property, the future projected financial performance of the

    property, the size and square footage of the property and improvements, the presence or absence of

    contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the

    physical condition of the improvements thereon, or the financial condition or business prospects of any

    tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The

    information contained in this Offering Memorandum has been obtained from sources we believe to be

    reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained

    herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no

    warranty or representation whatsoever regarding the accuracy or completeness of the information provided.

    All potential buyers must take appropriate measures to verify all of the information set forth herein.

    Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

    All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct

    thorough due diligence and seek expert opinions as they may deem necessary, especially given the

    unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not

    been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser.

    Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries

    between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as

    lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage

    other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions

    involving the property’s physical condition or financial outlook. Projections and pro forma financial

    statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers

    should be comfortable with and rely solely on their own projections, analyses, and decision-making.)

    5327 HERMITAGE AVENUEV A L L E Y V I L L A G E , C A 9 1 6 0 7

    JANETTE MONFAREDSenior Managing Director Investments

    Senior Director, National Multi Housing Group(818) 212-2752

    [email protected]: 00765098

    JEFF LOUKSExecutive Vice President of Investments

    (818) [email protected]

    DRE #00908473

  • 4

    ADDRESS 5327 Hermitage Avenue

    CITY Valley Village, CA 91607

    UNITS 42

    YEAR BUILT 2018

    APN 2347-025-013

    APPROX. GROSS SF 57,198

    APPROX LOT SIZE 24,036

    ZONING LAR3

  • ▪ 84,969 Total Building Square Footage (Including Garage)

    ▪ Immaculate Brand-New Building

    ▪ Individually Metered For Water

    ▪ Gym + 27 Storage Units

    ▪ Property is Subject to Los Angeles City Rent Control

    5

  • The Subject property is conveniently located just south of Chandler

    Boulevard and in between Whitsett Avenue and Laurel Canyon Boulevard.

    Tenants benefit from easy access to several public transportation options

    including being walking distance to the Orange Line Busway and being in

    close proximity to the 101 Freeway.

    5327 Hermitage Avenue is beautiful building with several fantastic

    amenities including a very spacious gym, in-unit Washer and Dryers, 27

    storage units (that are being rented for extra income) and Gated

    subterranean parking (76 Spaces). Access into the building is controlled

    with a security keypad, and several common area security cameras.

    Additionally, the building has been plumbed for individual water meters

    for each unit (see listing agents for details.)

    Valley Village is known to be one of the best locations within the valley as

    there has been a tremendous amount of investment into the area over the

    last several years with many new and beautiful commercial and residential

    developments in the pipeline. Valley Village is a neighborhood that is near

    Sherman Oaks and Studio City making it a wonderful location for families

    and professionals to reside who might be priced out of these higher end

    locations. This is a fantastic opportunity for any investor looking for a very

    well built and beautiful stabilized multifamily asset in a highly desirable

    location. This property is priced at just under $512,000 a unit and

    approximately $375 p/sf which would be extremely hard to duplicate for a

    building of this size, quality, and location.

    6

    4 2 L U X U R Y U N I T SB U I L T I N 2 0 1 8

  • 7

    PARK VILLAGE APARTMENTS

  • 8

    PARK VILLAGE APARTMENTS

  • 9

    PARK VILLAGE APARTMENTS

  • A M E N I T I E S P A C K A G E

    COMMUNITY AMENITIES

    ▪ Access to Public Transportation

    ▪ Beautiful Landscaping

    ▪ Covered Parking

    ▪ Easy Access to Freeways and Shopping

    ▪ Garage

    ▪ On-Call Maintenance

    ▪ State-of-the-Art Fitness Center

    ▪ Assigned Parking

    ▪ Cable Available

    ▪ Disability Access

    ▪ Elevator

    ▪ High-Speed Internet Access

    ▪ Public Parks Nearby

    APARTMENT FEATURES

    ▪ Balcony or Patio*

    ▪ Cable and Satellite Ready

    ▪ Central Air Conditioning and Heating

    ▪ Disability Access

    ▪ Dishwasher

    ▪ Intrusion Alarm

    ▪ Microwave

    ▪ Mini Blinds

    ▪ Mirrored Closet Doors

    ▪ Refrigerator

    ▪ Vertical Blinds

    ▪ Vinyl Flooring

    ▪ Walk-in Closets

    ▪ Washer and Dryer in Home

    10

  • 11

    1 BED/1.5 BATH985 SF

    1 BED/1.5 BATH1,043 SF

    2 BED/2 BATH1,059 SF

    2 BED/2 BATH1,126 SF

    FLOORPLANS

    A B

    A B

  • 12

    2 BED/2 BATH1,226 SF

    3 BED/2 BATH1,438 SF

    3 BED/3 BATH1,506 SF

    C A

    A

  • 14

    Unit # Type Current Rent Vacant

    102 2+2 $2,895

    103 2+2 $2,499

    104 2+2 $2,900 *

    105 2+2 $2,900 *

    106 1+1.5 $2,399

    107 (LI) 2+2 $822

    108 2+2 $3,016

    109 2+2 $2,649 mgr

    110 3+3 $3,895

    201 2+2 $2,650

    202 2+2 $2,895

    203 2+2 $2,499

    204 2+2 $2,895

    205 2+2 $2,499

    206 1+1.5 $2,400

    207 (LI) 3+2 $914

    208 2+2 $2,649

    209 2+2 $2,649

    210 2+2 $2,900 *

    211 3+3 $3,595

    301 2+2 $2,850

    302 (LI) 2+2 $822

    303 2+2 $2,900 *

    304 2+2 $2,649

    305 2+2 $2,750

    306 1+1.5 $2,450

    307 3+2 $3,499

    308 2+2 $2,899

    309 2+2 $2,900 *

    310 2+2 $2,900

    311 3+3 $3,700

    401 2+2 $2,850

    402 2+2 $2,895

    403 2+2 $2,756

    404 (LI) 2+2 $822

    405 2+2 $2,756

    406 1+1.5 $2,550

    407 3+2 $3,650 *

    408 2+2 $2,900

    409 2+2 $2,900 *

    410 2+2 $2,900

    411 3+3 $3,952

    Totals: $113,770

    * Unit currently vacant and being marketed for rent

  • PRICING THE ASSET FINANCING

    OFFERING PRICE $21,500,000 Units 42 Down 55.3% $11,900,000

    PRICE/UNIT $511,905 Year Built 2018 Loan 44.7% $9,600,000

    PRICE/SF $375.89 Gross SF 57,198 Ammort Years 30

    GRM 15.56 15.10 Lot SF 24,036 Interest Rate 4.18%

    CAP RATE 4.03% 4.21% APN 2347-025-013 Payments ($46,834)

    Current Market

    MONTHLY RENT SCHEDULE

    # of Units Type Avg.Current Current Total Market Market Total

    28 2+2 $2,796.43 $78,300 $2,900 $81,200

    4 1+1.5 $2,449.75 $9,799 $2,500 $10,000

    2 3+2 $3,575.00 $7,150 $3,650 $7,300

    4 3+3 $3,785.50 $15,142 $3,850 $15,400

    3 2+2 Low Income $822.00 $2,466 $822 $2,466

    1 3+2 Low Income $914.00 $914 $914 $914

    42 $113,771 $117,280

    Storange Income $1,350 $1,350

    Monthly Scheduled Gross Income $115,121 $118,630

    ANNUALIZED INCOME Current Market

    Scheduled Gross Income $1,381,452 $1,423,560

    Vacancy Rate Reserve 5% ($69,073) 5% ($71,178)

    Gross Operating Income $1,312,380 $1,352,382

    ANNUALIZED EXPENSES Current Market

    Taxes 1.20% $257,150 $257,150

    Insurance $11,279 $11,279

    Utilities $37,564 $37,564

    Main. & Repairs (est.) $24,000 $24,000

    Off Site Mgmt (4%) $52,495 $52,495

    On-Site Manager (est.) $40,000 $40,000

    Landscaping $3,000 $3,000

    Rubbish $8,772 $8,772

    Misc.+ Reserves (est.) $10,500 $10,500

    Elevator $2,112 $2,112

    Total Expenses $446,872 $446,872

    Expenses/Unit $10,640 $10,640

    Expenses/SF $7.81 $7.81

    % of SGI 34.05% 33.04%

    RETURN Current Market

    NOI $865,508 $905,510

    Less Debt ($562,004) ($562,004)

    Cashflow $303,504 $343,506

    Cash on Cash 2.55% 2.89%

    Debt Coverage 1.54 1.61

    15

  • 17

    ADDRESS UNITS BUILT GROSS SF LOT SIZE SALE DATE PRICE PRICE/UNIT PRICE/SF CAP GRM

    1 4297 Coldwater Canyon Ave 10 2005 19,860 13,939 6 - 3/2 8/26/2019 $6,500,000 $650,000 $327 5.08% N/A

    Studio City, CA 91604 4 - 4/2

    2 4623 Willis Ave 18 1999 24,046 14,810 18 - 2/2 6/27/2019 $8,950,000 $497,222 $372 4.00% N/A

    Sherman Oaks, CA 91403

    3 5250 Satsuma Ave 12 2020 20,975 15,120 2 - 2/2 3/16/2020 $7,550,000 $629,167 $360 4.70% 15.00

    North Hollywood, CA 91601 10 - 3/2

    4 11048 La Maida St 10 2003 13,004 8,712 10 - 2/2 8/15/2019 $4,950,000 $495,000 $381 3.40% N/A

    North Hollywood, CA 91601

    5 5143 White Oak Ave 24 2007 38,568 N/A 4 - 2/2 7/15/2020 $15,357,500 $639,896 $398 3.65% 18.13

    Encino, CA 91316 20 - 3/3

    6 11145 Sunshine Terrace 8 2009 14,817 N/A 8 - 3/2.5 N/A $5,900,000 $737,500 $398 4.48% 15.58

    Studio City, CA 91604

    AVERAGES 21,878 13,145 $8,201,250 $608,131 $373 4.22% 16.24

    S PARK VILLAGE APARTMENTS 42 2018 57,198 24,036 28 - 2+2 $21,500,000 $511,905 $376 4.03% 15.56

    5327 Hermitage Avenue 4 - 1+1.5

    Valley Village, CA 91607 2 - 3+2

    4 - 3+3

    3 - 2+2

    1 - 3+2

    UNIT MIX

  • 18

    $650,000

    $497,222

    $629,167

    $495,000

    $639,896

    $737,500

    $511,905

    $0

    $100,000

    $200,000

    $300,000

    $400,000

    $500,000

    $600,000

    $700,000

    $800,000

    1 2 3 4 5 6 S

    PRICE/UNIT

    $327

    $372$360

    $381$398 $398

    $376

    $0

    $50

    $100

    $150

    $200

    $250

    $300

    $350

    $400

    $450

    1 2 3 4 5 6 S

    PRICE/SF

    5.08%

    4.00%

    4.70%

    3.40%3.65%

    4.48%

    4.03%

    0.00%

    1.00%

    2.00%

    3.00%

    4.00%

    5.00%

    6.00%

    1 2 3 4 5 6 S

    CAP RATE

    N/A N/A

    15.00

    N/A

    18.13

    15.58 15.56

    0.00

    2.00

    4.00

    6.00

    8.00

    10.00

    12.00

    14.00

    16.00

    18.00

    20.00

    1 2 3 4 5 6 S

    GRM

  • 1

    5

    2

    S3

    4

    19

    6

    1 4297 Coldwater Canyon Ave

    2 4623 Willis Ave

    3 5250 Satsuma Ave

    4 11048 La Maida St

    5 5143 White Oak Ave

    6 11145 Sunshine Terrace

    S 5327 Hermitage Avenue

  • 20

    ADDRESS BUILT GROSS SF UNITS TYPE UNIT SF RENT RENT/SF TYPE UNIT SF RENT RENT/SF TYPE UNIT SF RENT RENT/SF

    1 11405 Chandler Blvd 2017 80,803 82 1 bd/1 ba $2,425

    North Hollywood, CA 91601

    2 5440 Tujunga Ave 2006 - 180 1 bd/1 ba $2,535

    North Hollywood, CA 91601

    3 11036 Moorpark St 2020 - 96 1 bd/1 ba $2,515

    Studio City, CA 91602

    4 3912 Laurel Canyon Boulevard 1989 31,296 36 2 bd/2 ba $2,875

    Studio City, CA 91604

    5 12000 Riverside Dr 2011 - 134 2 bd/2 ba $3,032

    Valley Village, CA 91607

    6 12203 Moorpark St 2020 - 16 2 bd/2 ba $3,000

    Studio City, CA 91604

    7 11945 Magnolia Blvd 2008 121,599 97 2 bd/2 ba $2,838

    Valley Village, CA 91607

    8 10407 Magnolia Blvd - 27,586 42 3 bd/2 ba $3,625

    North Hollywood, CA 91601

    9 5440 Tujunga Ave 2006 - 180 3 bd/3 ba $3,895

    North Hollywood, CA 91601

    10 10950 Bloomfield St 2015 69,412 49 3 bd/3 ba $3,250

    Toluca Lake, CA 91602

    AVERAGES 2010 66,139 $2,492 $2,936 $3,590

    S PARK VILLAGE APARTMENTS 2018 57,198 42 1 bd/1 ba Market Rate $2,450 2 bd/2 ba Market Rate $2,796 3 bd/2 ba Market Rate $3,575

    5327 Hermitage Avenue 2 bd/2 ba Low Income $822 3 bd/3 ba Market Rate $3,786

    Valley Village, CA 91607 3 bd/2 ba Low Income $914

    BUILDING SPECS 1 BEDROOM 2 BEDROOM 3 BEDROOM

  • 5

    2

    3

    4

    S

    1

    21

    1 11405 Chandler Blvd

    2 5440 Tujunga Ave

    3 11036 Moorpark St

    4 3912 Laurel Canyon Boulevard

    5 12000 Riverside Dr

    6 12203 Moorpark St

    7 11945 Magnolia Blvd

    8 10407 Magnolia Blvd

    9 5440 Tujunga Ave

    10 10950 Bloomfield St

    S 5327 Hermitage Avenue

    8

    106

    7

  • V A L L E Y V I L L A G E

    23

    An area defined by tradition and family, Valley Village is a charming

    area in Los Angeles County, California that’s free of concrete-living.

    The suburban neighborhood is a fantastic place for children, with

    some of the country’s top private and charter schools. It’s a strong

    community that hosts events every year, from Fourth of July to

    winter holidays and values calm streets away from nearby places like

    Sherman Oaks and Studio City.

    Residents of Valley Village enjoy its central location, access to

    freeways and public transit, and nearby employment hubs. Above

    average income and occupancy make assets of this size and vintage

    an attractive investment opportunity with excellent real estate

    fundamentals that should sustain demand for many years to come.

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    26 Small Lot Houses Planned in Valley Village: IHP Capital Partners and Williams Homes

    have formed a joint venture for the construction of a 26 single-family dwellings on U-shaped

    site at the intersection of Hermitage Avenue and Weddington Street. The project will

    feature floor plans between 1,173 and 2,079 square feet, with up to four bedrooms, three-

    and-a-half bathrooms, and two-car garages.

    WHA Architects is designing the currently unnamed development, which will consist entirely

    of three-story structures.

    Orange Line-Adjacent Development Site Getting Active: A vacant lot near the Orange Line

    busway in Valley Village has been cleared of brush and now has protective fencing

    surrounding it, signaling the start of work on a new mixed-use development.

    The development site, located at 12444 Chandler Boulevard, is slated for the construction of

    a five-story edifice containing 69 one- and two bedroom apartments - including nine

    affordable units - above 4,250 square feet of ground-floor retail space and parking for 136

    vehicles on two subterranean levels.

    Three-Story Mixed-Use Project Takes Shape in Valley Village: In Valley Village, two local

    developers are in the midst of construction for a mixed-use building featuring apartments

    and ground-floor retail space.

    The project, which comes from West Hollywood-based Hillock Land Company and Luminor

    Properties, is replacing a former auto repair shop with a three-story structure that will

    feature 19 apartments above 1,575 square feet of ground-floor retail space and parking for

    31 vehicles. The low-rise development, called Magnolia Hill, will offer a mix of studio and

    one-bedroom dwellings.

    1

    2

    3

    V A L L E Y V I L L A G E D E V E L O P M E N T S

    24

  • 5

    1

    2

    DEVELOPMENTS DESCRIPTION

    1 Lankershim Blvd & Gilmore Ave 89-room hotel featuring at-grade parking, a lobby, a breakfast area, a fitness room, a multipurpose room, swimming pool

    2 11301-11321 Camarillo Street 60 units - including six very low-income affordable units - with 2,800 square feet of ground-floor retail space

    3 Erwin St & Radford Ave 127 apartments above approximately 12,000 square feet of retail and restaurant space and a 218-car garage

    4 Chandler Blvd & Blakeslee Ave 329 apartments and 4,300 square feet of ground-floor retail space

    5 6634 N. Vineland Avenue 14,400-SF site at 6634 N. Vineland Avenue, would replace a five-unit apartment complex with eight-single family residences

    6 Chandler & Lankershim 127 apartments above approximately 12,000 square feet of retail

    6

    3

    4

    N O H O A R T S D I S T R I C T P R O X I M I T Y

    PARK VILLAGE

    25

  • NOHO METRO

    PARK VILLAGE

    NOHO ARTS DISTRICT

    • The Federal

    • Animalia

    • Brew Brothers

    • Skinny’s Lounge

    • NoHo Farmer’s Market

    • Blaqhaus

    • Front ard

    • Lofts at NoHoUNIVERSAL CITYWARNER BROSBURBANK

    Teya Thai

    China LitesBest Friends Animal Hospital

    Medical Office

    Pilgrim Media

    Makeup Institute

    LAUREL PLAZA

    • Royal Macaron

    • Noodle Monster

    • Elegant Touch

    • Pet Grooming

    • Miya Sushi

    • Blush Nail Bar

    26

  • PARK VILLAGE

    27

  • THE SAN FERNANDO VALLEY

    AREA POPULATION

    Almost 2.5 million people reside in the San Fernando

    Valley, which includes the submarkets of Northridge-

    Northwest San Fernando Valley; Van Nuys-Northeast

    San Fernando Valley; Woodland Hills; Burbank-

    Glendale-Pasadena; as well as Sherman Oaks-North

    Hollywood-Encino. The area’s population is expected

    to increase by 1.9 percent through 2019, or by nearly

    45,000 new residents.

    ENTERTAINMENT INDUSTRY SYNERGY

    Known for its entertainment industry, the Valley

    boasts more than 100 soundstages. Entertainment

    giants calling the Valley home include Walt Disney

    Co., Universal Studios, Warner Brothers, DreamWorks

    and Paramount Ranch. The entertainment industry

    continues to set the area’s economic pulse. Local

    motion picture and entertainment companies

    employ roughly 25,000 people.

    TRANSFORMATION

    While the Valley has grown into the world’s center for

    entertainment, aerospace giants Boeing and

    Northrop Grumman, and 21st Century Insurance also

    generate numerous well-paying jobs. Healthcare is a

    also a major source of employment with providers

    that include Kaiser Permanente, and Providence

    Health & Services. As a result of its large

    concentration of high-salaries and successful

    companies, the area’s median household income of

    $59,300 per year has risen dramatically since 2000.

    28

  • 2022 JOINT VENURE

    FORTUNE 500/1000 COMPANIES

    DOLE ❖ AMGEN ❖ NORTHROP GUMMAN ❖ TELEDYNETECHNOLOGIES ❖ TUTOR PERINI ❖ PUBLIC STORAGE ❖ AVERYDENNISON ❖ HEALTHNET

    OTHER MAJOR FIRMS

    HINES ❖ KEYES ❖ ANTHEM ❖ ALLISON ASSET ❖ BURBANKSTUDIOS ❖ WESTFIELD ❖ RYLAND HOMES ❖ KAISERPERMANENTE ❖ WARNER BROS ❖ ADLER REALTY ❖ MARVEL ❖ABC

    SFV MAJOR HEADQUARTERS

    PARK VILLAGE

    29

  • PROFIT-BOOSTING BUSINESS SUPPORT

    The Valley gives businesses the advantage of strong strategic partners

    and support structures. These serve to connect businesses to the

    resources it needs for growth. The region is home to robust

    organizations which include The Valley Economic Alliance, Valley

    Economic Development Center, Valley Industry and Commerce

    Association, United States Small Business Association, United Chambers

    of Commerce, and many others.

    NETWORK OF ILLUSTRIOUS CORPORATE HEADQUARTERS

    The Valley is home to many major corporate names, and has traditionally been

    known as the entertainment capital of the world. They include Fortune 500

    Companies such as The Walt Disney Co., Amgen Inc., Health Net Inc., and Avery

    Dennison Corp., as well as Fortune 1,000 Companies Tutor Perini Corp.,

    Teledyne Technologies Inc., The Ryland Group Inc., and Public Storage.

    ACCESSIBLE TRANSPORTATION HUBS

    The Valley makes transportation easy and accessible anchored by two major

    airports in the region, the world’s largest general aviation airport in Van Nuys

    as well as Bob Hope Airport in Burbank. businesses have easy access to major

    airlines for business, trade, and private aircraft needs. On the ground, The

    Valley has commuter rail services, Surfliner trains, dedicated high-speed bus

    lanes, a subway, an elaborate freeway system, and will have a California High

    Speed Rail station, now in the planning stage.

    EDUCATION CENTERS OFFER SOLID EMPLOYEE BASE

    From private to public education, no other area comes close to the

    educational capacity of The Valley. The Greater San Fernando Valley is

    home to 121 accredited institutions that offer higher education degrees,

    and includes public and private universities, colleges, trade schools, and

    graduate institutions. Approximately 506,000 individuals have higher

    education degrees, roughly 25% of The Valley’s entire population. This

    makes it easy for businesses to find future employees who are well-

    educated.

    MASSIVE ENTERTAINMENT & TOURISM CAPITAL

    With an entertainment industry known around the world that is

    constantly bringing in new people and major new investors, there is no

    better market for getting creative talent for businesses. Tourism is

    constantly growing here, with over 42 million overnight and day visitors

    to the region annually as well as over $18.4 billion spent by these visitors.

    BUSINESS INCENTIVES AND OPPORTUNITIES

    The Valley is sharply focused on providing businesses with the means to

    attract and retain a great workforce. There are assortments of federal, state,

    and local tax incentives/credits which are easy to attain. Examples include the

    Research and Development Tax Credit, Work Opportunity Tax Credit, Net

    Operating Loss Carryover, Film and TV Production Tax Credit, “Clean

    Technology Company” tax exceptions, and the Clean Vehicle Rebate Project.

    BUSINESS SNAPSHOT

    3 Mi. Demographic Snapshot

    Metro Population 200,203

    Households 68,681

    Average HH Income $94,161

    30

  • It’s time to stop thinking of the Valley as a sleepy suburb. From Chatsworth to North Hollywood, plans are in the pipeline to make neighborhoods more city-

    like, meaning more dense and maybe more walkable and bikeable and more transit-friendly. In the coming years, developers will build thousands of new

    units of housing, create open space, bring in new retailers, and build new offices, creating mini villages within neighborhoods.

    Burbank Town CenterRazing the old Ikea would make way

    for765 multi-family units; plus an additional 70 for-sale units would be

    built at 800 North San Fernando Boulevard.

    North Hollywood Metro stationMetro is working to bring 1,500 units,

    retail, and office space to the station. The development, called District NoHo, is slated to be built in phases starting in

    2021.

    NoHo West642 apartments, 60 dining and

    shopping options, a Trader Joe’s, gym, and movie theater.

    Harvard-Westlake River Park6 acres of public park space, plus

    tennis courts and walking trails that are also open to the public.

    The ICON at Panorama City7 buildings measuring 584,000 SF.

    That space would hold 423 units plus 200,000 sf of commercial floor area. 6-

    level parking garage for 1,690 cars

    Sepulveda 364364 Apartment units. 44 of the units

    will be earmarked as low income. The project also includes a garage with

    557 spots, plus a swimming pool and a dog run.

    “24”: The new Bratz dolls headquarters

    This office campus will incorporate creative office, residential, and retail

    space on a 24-acre property, which will serve as the headquarters for MGA

    Entertainment, the makers of Bratz dolls.

    6606 Variel Ave271-unit apartment building.

    The complex would have a pool and rooftop decks, plus two

    levels of parking.

    6041 Variel Ave274-unit apartment complex

    with 11 live work units and a 12-story office building.

    21031 Warner Center Lane1,000 apartments and condos,

    and a trio of 15-story office buildings to a site near De Soto

    and Burbank.

    Warner Center MakeoverWestfield is planning a major

    overhaul of the old Promenade mall with 1,400 units, new

    shops & restaurants, 572 hotel rooms, and an entertainment

    venue.

    DEVELOPMENT IN THE VALLEY: 11 BIG PROJECTS POISED TO ALTER THE REGION

    PARK VILLAGE

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    PARK VILLAGE APARTMENTS