CMCT Acquires Jefferson Park Parcel for Planned Development

Real estate investment trust Creative Media and Trust Company, or CMCT, has purchased a 0.26-acre parcel of land in Jefferson Park submarket for $2.3 million. The firm plans to build a five-story apartment building on the land located at 3101 S. Western Ave. near the West Adams neighborhood.

“This area of Jefferson Park includes a commercial corridor and attractive residences and is experiencing renewed interest as a business and residential location option for young professionals. Our development will bring new, modern apartments to this community where there is strong demand,” David Thompson, Chief Executive Officer of CMCT, said.

The project will consist of approximately 45 studio, one-, and two-bedroom apartments. There will also be 2,000 square feet of retail space on the ground floor. Construction is slated to begin in late next year or in 2024.