A soon-to-be-built apartment and Whole Foods Market complex in North Hollywood’s Arts District has received new equity from an L.A. investment firm.
Canyon Partners Real Estate, the real estate direct investing arm of L.A. investment firm Canyon Partners, said it has given $32 million of equity to form a joint venture with Camden Securities Co. of White Plains, N.Y. and Woodland Hills developer, Hayes Capital Management, to build NoHo L&O.
The joint venture will soon begin construction on 297 apartments above a Whole Foods Market 365 on a 2-acre site at Lankershim Boulevard and Otsego Street. The 7-story NoHo L&O complex will consist 272 market-rate units and 25 affordable units with rooftop space featuring a pool, lounge and recreational and game rooms. Also included within the complex will be a courtyard, fitness center, lounge and other common rooms, as well as more than 550 parking spaces.
Previously at the site, and now demolished, was 38,500 square feet of older office and flex buildings at 5101 to 5107, 5125 and 5115 Lankershim Blvd. The joint venture now owns the property, which was owned previously by Camden Securities and Hayes Capital.