For Immediate Release – Wickatunk, NJ – April 18, 2024
Together with our investment partner, Christina Development of Los Angeles, we are pleased to share some exciting news regarding a major development happening near some of our multi-family properties, which we believe will significantly benefit our real estate investments in the portfolio.
Very close to our Hayworth properties and adjacent to the W. Third Street Shopping District, Television City is undergoing a remarkable $ 1 billion transformation. This ambitious project, led by Hackman Capital Partners, involves the addition of an office tower, production space, and street-level retail. The new master plan, crafted by well-regarded architecture firms Foster + Partners, Rios, and Adamson Associates, promises to enhance the area’s appeal while preserving some of Television City’s original 1950s charm.
The significance of this development is extensive. Not only does it inject fresh energy and demand for housing into the Beverly Grove sub-market, it also enhances the value of our investments with Christina in the portfolio. With new office space, production facilities, and retail opportunities, Television City’s makeover will certainly increase demand for all types of residential housing and for associated retail & commercial properties supporting this expansion. As the Television City project progresses, we anticipate heightened demand in Beverly Grove and the West Third Street Shopping District. The westside of Los Angeles has some of the best real estate in the country albeit also having a huge barrier to entry as available land is almost nonexistent and any new development is always met with resistance at the municipalities. We have positioned our properties to be in a good position to capitalize on this coming development and increased activity and demand.
“Partnering with such a premier and experienced sponsor in one of the best CRE markets in the country is very exciting for us. Christina knows this territory perhaps better than anyone and has the unique ability to recognize and reposition assets like the ones we have in this portfolio for long term capital appreciation.” said Raffaella Schnurr, m.p. of Amalfi Capital.
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Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 5 million square feet of property throughout the United States. Amalfi focuses on expanding its portfolio by partnering with highly experienced sponsors who are experts in their respective markets by investing in commercial & industrial assets that we believe are well positioned for above market returns over the long run. Our conservative approach combined with markets and properties that have historically high occupancy, such as our concentration on multi-family, industrial distribution & flex space facilities, has been a winning formula since our inception.
www.Amalficapital.biz