Camino Verde Group’s two newest projects in Los Angeles are underway and on track for a 2022 finish.
The two properties, located at 502 S. Harvard Blvd. and 3710 Dunn Drive, are among four opportunities in California that Camino Verde is sponsoring. All four projects are Opportunity Zone investments with ten-year holds, but our investors receive a significant portion of their capital back within 18 to 30 months. These kind of development projects generally create returns of greater than 35 percent.
At the property along Harvard Blvd., a 22,000 square-foot multifamily property in the heart of Los Angeles, we are working in partnership with ELK Development.
Evan Kasper, Managing Partner of ELK Development stated, “ELK Development is pleased to partner with Camino Verde Group on the equity financing of four of our ground-up, micro unit projects in Los Angeles.
“Camino Group’s participation in these deals enables ELK Development to further its mission to provide affordable, flexible, and convenient housing that meets the needs of the modern renter.”
The Harvard property, which will include 40 units with 86 solo suites, is progressing nicely. The city recently approved a request to change the project to an affordable housing mix, which will maximize potential rents for the property.
Rough-ins on each floor’s mechanical, electrical, plumbing and HVAC systems are on track and exterior sheathing will be completed this month. A model solo suite has been approved and we expect it to be complete in November. Overall construction is on schedule for the targeted completion date of April 2022.
Less than 10 miles away is another project in partnership with ELK Development at 3710 Dunn Drive. Located just a few miles off the coast in Santa Monica, the roughly 33,000 square-foot property has progressed to the pre-development stage.
In August, we named Cambridge Homes the general contractor on the project, which will include 24 units with 66 solo units. Cambridge Homes is also heading the construction job on the Harvard Blvd. property.
Overall, the project is on schedule and our team is continuing to make progress with the City of Los Angeles’ permitting and approvals.
Camino Verde has several other development opportunities in the pipeline, including new development projects in Nevada, Utah and South Carolina. If investing in new development is of interest, please contact Mike Ballard or Kevin Romney to learn of upcoming opportunities.