(Save the dates: RealShare Apartments East comes to the Hyatt Regency in Miami, FL, on February 26, and RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27.)
WEST LOS ANGELES, CA-Frost/Chaddock Developers has begun construction on 3425 Motor Ave. in the Palms neighborhood here. The project, designed by Killefer Flammang Architects, is a 115-unit, five-story, $30-million contemporary structure of apartments designed for young professionals.
Located roughly a quarter-mile from the forthcoming Expo Line Phase II station at Motor and National aves., the complex will offer studio and one-bedroom units ranging in size from 350 to 560 square feet. The street-level entrance, which will be flanked by retail space, leads to a large courtyard that opens to Motor Ave.
The project will also include two levels of subterranean parking and provide residents with a lounging area in an outdoor atrium and rooftop gardens with resident amenities. Completion is slated for May 2014.
“We believe the project will encourage pedestrian activity along Motor Ave. and provide a residential anchor with ground-floor retail adjacent to the Expo Line extension and nearby station stop,” said James Frost, principal of the development firm, in a prepared statement.
Architect Wade Killefer noted that the building exterior of metal wall panels and brick veneer features a well-pronounced entry and a horizontal section at the fourth level, containing an apartment. The section connects structural elements on both sides of the building. Built under the SB1818 density bonus program, the project will provide 17 units for low-income residents.
As GlobeSt.com previously reported, the trend of developing multifamily properties for young professionals is growing as Echo Boomers (a.k.a., Millennials) enter the workforce. This trend is particularly noticeable in the L.A. market.
What's your opinion on the development of multifamily properties geared toward “Echo Boomers”? Is this a positive or negative trend? Leave your comments below.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
