Casden Reportedly to Build Near Park La Brea

With local apartment rents on the rise, Beverly Hills-based Casden Properties apparently plans to build 1,500 units or more on the periphery of one of Los Angeles’ largest multifamily communities: Park La Brea in the Miracle Mile district. Sources familiar with the series of property sales said Casden--which operates as a private real estate investment trust--quietly paid more than $75 million for the parcels. The seller was an affiliate of San Francisco’s Prime Property Capital, which purchased the sprawling 176-acre, 4,222-unit Park La Brea complex in 1995. Casden did not return phone calls, but county property records show that sales of three Park La Brea-area parcels closed last month. One is along the south side of Third Street at Ogden Drive. Another is near the northeast corner of Park La Brea east of Hauser Boulevard. The third is near the southeast corner of the complex along Sixth Street.