PMI Expands Its Highland Park Portfolio Once Again!
We are pleased to announce our acquisition of 5515 Media Ave, a sixteen unit apartment building in the Highland Park neighborhood of Los Angeles.
Highland Park started attracting Young Urban Creatives due to its proximity to the creative industries in Downtown, Pasadena, Hollywood, and Burbank/Glendale and due to the abundance of 19th Century historical homes being rehabbed. These millennials work in the creative industries: entertainment, music, media, design. Housing renovators first bought small 19th century houses, renovated them, and sold them to the Young Urban Creatives who appreciated the more affordable home prices and housing’s historical charm. This trend gave way to new retailers opening stores, cafes, and bars on York Avenue and Figueroa to cater to this demographic. Cognizant of this new pool of young creative workers, more companies in certain creative industries like entertainment, media, and fashion are moving back to Downtown, Pasadena, Hollywood, and Burbank/Glendale taking advantage either of the availability of larger creative spaces or more affordable creative spaces than available on the Westside.
We intend to reinvent and extensively renovate this bland and ordinary 1950’s building into a contemporary modern complex to fit the taste of the creatives moving into and near Highland Park. We will fix some of the building’s shortcomings, starting by constructing brand new interiors. On the outside, we will make use of the abundant land to create expansive private patios. The low density and abundant outdoor area in some older existing properties. like 5515 Media, provide an alternative that some Young Creatives prefer to a high density newly constructed multifamily building.. The immediate neighborhood contains many historical residences and is part of a Historical Protection Overlay Zone that makes new multifamily construction difficult.
5515 Media is PMI’s 22nd acquisition in Northeast Los Angeles.