A proposed apartment development getting bigger in a desirable neighborhood near Dodger Stadium is another sign of the high demand for housing in Los Angeles.
Aragon Properties, based in Vancouver, now wants to build 327 apartment units at 1185 W. Sunset Blvd. in Echo Park, a neighborhood in east-central Los Angeles, up from roughly 214 units previously, according to City of Los Angeles documents. The mixed-use project has been in the works for roughly a decade.
Echo Park, along with nearby Silver Lake, have become popular neighborhoods in recent years and feature numerous trendy shops and restaurants. The Aragon Properties project also is a roughly 11-minute walk from Dodger Stadium and is near downtown Los Angeles.
Despite the appeal, there are not as many larger, newer apartments in the Echo Park neighborhood like the proposed project at 1185 W. Sunset Blvd., said Ryan Patap, senior director of market analytics for CoStar Group in Los Angeles. If built today, the apartment project would be the biggest in terms of number of units within a half mile of the project site, according to CoStar data. Developers, though, have been building smaller projects around Echo Park and Silver Lake to cater to the growing demand for housing.
The proposed apartments are Aragon PrProperties' latest in Los Angeles. Last year, the developer wrapped up construction at the 70-unit 1750 N. Glendale Blvd. The property has asking rents ranging from $2,373 to $4,075, according to CoStar data.
The project comes as multifamily building has fallen this year. Apartment construction starts have slowed in 2023 on the West Coast due to financing challenges. The biggest cities in California, Oregon and Washington have all seen construction starts fall, which may drive up prices for housing in the years ahead.
The northeast Los Angeles multifamily market has an average asking rent of $1,781, below the greater Los Angeles average of $2,234, according to CoStar data. The market's vacancy is 4.7%, similar to the greater Los Angeles average of 4.8%.
For the Record
An Aragon Properties representative did not respond to an emailed request to comment from CoStar News.