Michael Sorochinsky , CEO of Los Angeles based Cypress Equity Investments and Steven Fifield, CEO of Chicago’s Fifield Cos., plan on developing 1000 new apartments in the Los Angeles area. Both companies have formed the joint venture Century West Partners and have already purchased land across from the proposed football stadium in downtown L.A. Fifield brings a tremendous amount of apartment complex building experience to the project including 50 projects totaling $4 billion in value.
The site at the moment is a parking lot and was initially supposed to be a condo project, but was ultimately canceled due to the troubled economy. Century West plans on building two seven-story buildings with 245 units at 1340 S. Figueroa near LA live and the Staples center. The Washington, DC- based Carlyle Group will be providing equity for the estimated $95 million dollar development.
Century West also plans on building in the Korea Town district and Santa Monica, both of which will include about 250 units. “We want to try to get 1,000 new apartments under construction in the next 12-18 months, “ Fifield says. He says in wants to expand more in Los Angeles due to the overall diversity and market availability.