California Landmark Group has announced the completion of a $30-million apartment complex near Marina del Rey.
The project, called C1, is located at 4210 Del Rey Avenue – a block east of Lincoln Boulevard in the Del Rey neighborhood. The five-story building feature 51 studio, one-, and two-bedroom apartments, as well as 17 larger units in three-to-six-bedroom layouts. The larger apartments are being branded as “co-living,” units in which strangers may wind up sharing some living accommodations in a fashion similar to college dorms.
“While the co-living units are larger and fully furnished, which makes them more expensive to develop, the cost per bedroom drops and we can provide individuals more affordable housing options than traditional rental units,” said CLG President Ken Kahan set in a statement. “This product is a logical outgrowth of the societal trends that have led to the success of WeWork, Uber and many other shared experiences. Its application to housing, particularly in Los Angeles where rent-burdened tenants can pay as much as 50 percent of their income on rent, was inevitable and we’re proud to be at the forefront.”
The co-living units, which average 1,650 square feet in size, share some spaces including kitchen, living, and dining areas. Residents of the co-living units also have access to building amenities such as a swimming pool, a gym, and a rooftop patio.
Starcity, a San Francisco-based company which specializes in “community-based living,” has been tapped to manage both the co-living and market rate units.
California Landmark Group has invested more than $350 million to build seven apartment complexes in the surrounding blocks since 2006, including the $100-million G8 development now under construction at Del Rey and Beach Avenues. Upon the completion of that project, CLG will have built more than 725 apartments in the neighborhood.
While C1 may be the first project to market, another developer in Hollywood has also thrown its hat into the co-living ring. At 5842 Carlton Way, local real estate investment firm Treehouse is in the midst of construction for an 18-unit complex which will be completely dedicated to co-living.
Source: Urbanize LA