A groundbreaking was held Friday morning for a 64-unit Valley Glen apartment building that will provide affordable housing for special-needs veterans and the chronically homeless.

The Crest Apartments, 13604 Sherman Way, will house case-management workers and social services, as well as a federally qualified health clinic. More than a third of the units will be reserved for homeless veterans.

The project by the Skid Row Housing Trust, a Los Angeles developer and operator of affordable housing, will cost more than $20 million to build. It received $8.4 million in city funding.

The five-story, 45,000-square-foot building is expected to open later this year.

L.A. City Councilmember Paul Krekorian, a key supporter of the project; L.A. County Supervisor Sheila Kuehl; and officials with the Skid Row Housing Trust attended the ceremony.


Commercial real estate brokerage Marcus & Millichap Inc. reported fourth-quarter financial results in line with an analyst's estimate.

The Calabasas company posted net income of $16.4 million (42 cents a share) for the quarter ended Dec. 31, after reporting a loss of $8.7 million for the same quarter a year earlier. Revenue rose 16 percent to $172 million.

An analyst that follows the stock expected earnings per share at 42 cents, according to Thomson Financial Network.

For the full year, the company reported net income of $49.5 million ($1.27 a share), compared to $8.2 million in the prior year. Revenue rose 31 percent to $572 million.

Shares closed down $1.69 or 4.6 percent at $35.15 on the New York Stock Exchange.