ELK Development has plans to develop MILES on Highland, a six-story, micro-unit multifamily and retail project located at 1410 N. Highland Ave. in the desirable and historic Hollywood neighborhood of Los Angeles.
It received a $41.1 million construction loan.
“Hollywood is globally recognized as the center of the entertainment industry, but historically has lacked quality multifamily housing,” said Mark Fogel, ACRES CEO and president, which originated the loan for the project. “With the thousands of class A housing units and community-serving retail storefronts recently added to the neighborhood to accommodate its growing population of young professionals, the area is fast becoming a true ‘live/work/play’ environment. MILES on Highland’s micro-units will provide residents with a new housing option that is affordable while featuring high-end finishes and amenities.”
MILES on Highland will contain 180 micro-units grouped into 49 pods, along with 96
