LOS ANGELES, Oct. 22, 2013 (GLOBE NEWSWIRE) -- Los Angeles-based real estate firm Held Properties, Inc. today announced that construction has begun on its $17 million luxury apartment community in Encino. Held Properties has chosen Fassberg Contracting Corporation to be the contractor. The construction time is estimated at 15 months, with the first units to be available in early 2015.
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The 50-unit complex, called the White Magnolia, will be located on a one-acre site at 17720 Magnolia Boulevard and includes two-bedroom units and two-bedroom units with dens.
"White Magnolia is the ideal development for this neighborhood," said Robert D. Held, president and CEO of Held Properties. "We're extremely proud of this project. The complex will provide residents with world-class amenities and a great Encino location."
The White Magnolia will be within walking distance from retail centers, restaurants and shopping on Ventura Boulevard. Nearby recreational locations include Woodley Park and El Caballero Country Club.
Once completed, the White Magnolia will feature interior finishes such as stainless steel appliances, granite countertops, balconies and 9-foot ceilings. Other features include a state-of-the-art fitness center, spa and water feature, as well as many of the latest green-building and energy-saving standards.
Held Properties purchased the Magnolia Boulevard location in 2011 from Temple Ner Maarav, which merged with Northridge-based Temple Ramat Zion. "We were honored to be able to assist in making this temple merger possible," added Held.
About Held Properties
Founded in 1946, the Held name has been associated with the development, ownership and operation of distinctive commercial, medical office and residential buildings. The hallmarks of Held Properties' developments are prime locations, enduring designs and unparalleled tenant services. These qualities are the outgrowth of the Held development philosophy: creating long-term investments that stand the test of time and respond to the changing needs of the marketplace. Held Properties is actively seeking additional property acquisitions in California and Arizona.