Evanisko Realty Closes on Ivanhomes Apartment Project
The IvanHomes 39-unit apartment development project, though entitled and permit ready with LADBS, will require a complex and time-intensive power conversion (undergrounding) of powerlines rerouted along a neighboring street and back to the project site to energize the completed units. An expired DWP proposal and estimate for this conversion process, changing market conditions, and uncertain project execution logistics were all challenges requiring substantial coordination (and empathy) between our Sellers, the Buyers, the DWP, the project consultants and the escrow company during the five (5) month escrow period.
We would like to thank all of those involved in bringing this transaction to a successful close and look forward to seeing it go vertical.
The IvanHomes project is perfectly appointed to partially satiate a demand for smaller luxury units walkable to some of the most desirable restaurant and park amenities that Los Angeles has to offer. Homeownership due to sheer lack of supply infusions of any meaningful quantity will continue to increase in unattainability thus ensuring the continued attractiveness of the proposition of owning and operating quality rental product. The project is large enough to offer a formattable posture within the neighborhood while still being considered a boutique building. Its builder will enjoy ownership of a true showpiece asset which will be a definitive landmark within an already notable neighborhood becoming more exclusive and cherished year after year.
The Sellers were represented exclusively by co-brokers - Frank Evanisko of Evanisko Realty & Investment, Inc. and Matt Kanner of KW Commercial.
