At a glance
- The project is set for a vacant parcel and will include 52 affordable apartments among the 344 rentals, plus 2,000 square feet of retail and 17,520 square feet of publicly accessible outdoor space, according to Connect CRE.
- For allocators comparing Los Angeles multifamily construction, the $133 million loan works out to about $387,000 per apartment across all 344 units.
- Stephen Lindgren, senior vice president and Los Angeles market lead at Lincoln, said in a statement that Culver City "remains one of the strongest rental markets in Southern California."
Lincoln Property Company and McCourt Partners broke ground on ElevenOneEleven, a 344-unit apartment and retail building in Culver City, three weeks after announcing $133 million in construction financing from Bank OZK.
The project is set for a vacant parcel and will include 52 affordable apartments among the 344 rentals, plus 2,000 square feet of retail and 17,520 square feet of publicly accessible outdoor space, according to Connect CRE.
For allocators comparing Los Angeles multifamily construction, the $133 million loan works out to about $387,000 per apartment across all 344 units. Because 52 of those units are restricted, the figure is a blended cost rather than a market-rate one.
Stephen Lindgren, senior vice president and Los Angeles market lead at Lincoln, said in a statement that Culver City "remains one of the strongest rental markets in Southern California." He pointed to proximity to major employers, necessity-serving retail and access to West LA amenities as what makes the site compelling.
Private Wealth Daily previously reported the Bank OZK construction loan in October. ElevenOneEleven is Lincoln's third Culver City development, and the company says it has more than 2,200 residential units underway across Los Angeles County.
Reported by the Deals desk from Connect CRE. Published . Corrections