Las Vegas investor gambles on LA’s multifamily market

13267 W. Moorpark Street (Credit: Google Maps)

An apartment building and hotel developer from Las Vegas is placing his bet on the Los Angeles housing market.

Ilan Gorodezki filed plans for a 25-unit multifamily project in Sherman Oaks, hoping to develop in a city that is in desperate need of more housing. The market-rate project would include two units for very low-income households.

The four-story project would rise at 13267 W. Moorpark Street.

Gorodezki is seeking density bonuses from Los Angeles for an 11-foot height increase, and an increase to the overall floor area.

The housing costs in the San Fernando Valley remain high. In February, the median price for single-family homes was at $657,000.

Earlier this year, Mercy Housing proposed a 55-unit affordable project for seniors in Sherman Oaks.

The housing market in Nevada is also showing mixed results. At the end of the year, Las Vegas had a continued slowdown. But the exodus of Californians helped boost some parts of Nevada. Average housing prices in the Las Vegas metro area, meanwhile, rose from $120,000 in 2012 to $278,000 in 2019, according to Zillow.

Brightline is working on the “XpressWest” high-speed rail project that will link Los Angeles to Las Vegas. It’s expected to begin service in 2022.

Source Article