Rampart Village has been quickly transforming into one of the most centrally ideal locations between DTLA and Hollywood. The neighborhood lies just below Silver Lake to the south of the 101 fwy and offers locals access to local hot spots.
A 'shovel-ready' project goes through the process of entitlement through the city and requires plans to fall within the guidelines that control both density and design requirements. This is a process that takes a few months minimum to complete from start to the point of being permit-ready.
This offering will be coming online in the next few months into a constrained rental market where supply is very thin. Rental prices have steadily increased at a steady pace for the past few years, and the complication of the stricter requirements to get plans approved for construction have only made the market even more competitive.
Los Angeles is at a critical point in the cycle and the need for housing continues to drive demand for land and development deals. Raw land costs have gone up, and there are investors who are risk adverse and would rather take on a project that simply needs to come out of the ground with approved plans. If you're a developer or a builder and continue to look for projects locally, please don't hesitate to call or email me with any questions. I may have something for you!
Details of transaction:
2829 Hyans St - Rampart Village
Sold Price: $1,175,000
Number of Proposed Units: 11
Price per unit: $106,818