ELK Development is expanding its presence in Koreatown with another residential complex.
The rental housing developer wants to build a 60-unit complex at 728 South Manhattan Place, according to plans filed with the city of Los Angeles.
An LLC linked to ELK bought the site for $2.2 million last November from another LLC linked to Joel Spolin, records show. ELK also secured a $3 million loan on the property from MRV Banks.
The complex will include six affordable units and benefits from incentives under the city’s transit-oriented communities program. While most of the units will be studios, it will also offer one- and two-bedroom apartments.
Plans also include a 5,300-square-foot roof deck and 1,200 square feet of ground-floor common areas.
The property now includes four apartments and a single-family home, all of which would be demolished.
ELK founder Evan Kasper did not respond to a request for comment.
The project would be ELK’s second complex in Koreatown. In 2020, the company planned 80 units at 730 South Vermont Avenue. It acquired the site for $10.2 million and secured a $8.2 million loan on the property, also from MRV Banks.
Koreatown has seen no shortage of new apartment complex construction. A 41-story tower with 367 units from Townline and Forme recently secured city approval. Developer Jonathan Harouni also filed plans earlier this year to build an 88-unit complex in the neighborhood.