SANTA MONICA, CA—The Belmar Apartments, one of two multifamily properties at the $350 million Ocean Avenue South development from Related Cos. and the City of Santa Monica, has officially opened. The property is already 100% leased and has a tenant waiting list.

Located at 1725 Ocean Ave. in Santa Monica, the six-story building has 160 affordable rental units with a mix of one-, two- and three-bedrooms, plus ground floor live/work studios where artists can work and display their finished products. The building also offers ample amenities. Beyond the standard fitness center, residents will have access to a computer lab, outdoor lounge and barbecue grills, bike storage and a resident community room. Subterranean parking and convenient elevator access are also available to residents. Koning Eizenberg, in collaboration with KTGY Architects, designed the buildings to achieve LEED-Gold certification upon completion, which was successful.

This is one of two residential properties at Ocean Avenue South. The second is the Waverly, a 65-unit condominium complex that opened earlier this year. The mixed-use complex also features 20,000-square-feet of retail space, and recently signed the first leases with three dining outlets, including the high-end market Joan's On Third. Starbucks Evening will and restaurant Searsucker will also occupy space in the complex, and are slated to open in early 2015.