Trion Properties and the Ketter Group announced today that they acquired 1500 Hi Point Street for $7.35 million from LI Investments, which had planned to build a chic apartment complex there.
The pink homes have already been cleared from the site, and plans for new 45 units have already been approved by the city. But Trion and Ketter are planning to use the city’s transit-oriented communities guidelines to seek new entitlements for 58 units on the parcel, which is two blocks from Pico and Fairfax.
Executives at Trion say they expect it will take 16 months to get city approval and another 24 months to build. Ketter Group’s in-house architecture firm, Ketter Designs, will design the development.
Trion and Ketter are already working on a project on this block—a 45-unit apartment building.
“Central Los Angeles is experiencing an increase in both the quality and quantity of employment opportunities, resulting in high demand for housing in submarkets like Mid-Wilshire,” David Moghavem, Trion’s director of acquisitions, said in a statement.