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From Vision to Reality: The Mar Vista Project
The Mar Vista Project began with a vision—one rooted in the strategic acquisition of prime real estate and the ambition to create a residential community that offers both luxury and affordability. The journey started when Beach City Capital entered into a joint venture agreement with the landowner, for parcels located at 12757 Mitchell Ave in Mar Vista. Recognizing an opportunity, Jason Muller then expanded the project by acquiring the adjacent parcel. This move not only increased the project’s potential but also solidified Beach City Capital’s commitment to maximizing the site’s value.
With design and entitlement processes underway, the project encountered local opposition, leading to significant shifts—from condos to rental apartments, and from 40 units down to 27. This pivot was necessary to navigate regulatory challenges, including compliance with SB330 and the requirements of the Ellis Act, all while maintaining the project’s viability. Beach City Capital successfully transitioned the project to coliving, ensuring it remained financially viable. This shift not only met the needs of the market but also aligned with the project’s new financial structure, which included significant investments from Nuveen Green Capital and Marquee Funding Group.
Construction and Project Completion
With financing in place, construction began under the management of Fassberg, a reputable construction firm known for delivering high-quality projects on time. Despite the challenges, including a lawsuit related to tenant relocation during the COVID-19 moratorium, the project moved forward. The Mar Vista Project is now nearing completion, with construction on track to finish in October 2024.
The development will feature three floors of Type IIIA construction over a Type I podium, offering 57 at-grade parking stalls. Each of the 27 units is designed with modern, high-end finishes, luxury amenities, and efficient layouts that cater to the needs of roommates. The project’s design includes a large rooftop deck, a coworking room, and a central courtyard, providing residents with a blend of luxury and community living.
A Thriving Neighborhood with Exceptional Amenities
The Mar Vista area offers a vibrant and eclectic mix of amenities, making it one of the most desirable neighborhoods in West Los Angeles. Residents will find themselves just minutes away from a variety of dining options, ranging from trendy cafes such as the Boy & The Bear Coffee, to gourmet establishments like Michelin star rated restaurant Hatchel Hall. The area is also home to numerous boutique shops, art galleries, and local markets, providing a unique shopping experience that reflects the neighborhood’s creative and diverse culture.
For those who enjoy outdoor activities, Mar Vista boasts several parks, including the popular Mar Vista Recreation Center, which offers sports courts, playgrounds, and green spaces perfect for picnics and relaxation. Additionally, the nearby Venice Beach and Marina del Rey offer coastal attractions just a short drive away, making Mar Vista the perfect blend of urban convenience and coastal living.
Innovative Living with a Focus on Roommates
Beach City Capital has contracted with Greystar, Los Angeles’ leading residential property manager, to brand, market, and operate the Mar Vista Project. Greystar is known for its innovative approach to property management, leveraging technology to offer flexible and convenient leasing options. The 27 units in the Mar Vista Project will include 3 to 5 private bedrooms per unit, with most bedrooms featuring private bathrooms—ideal for modern roommates seeking affordable, yet luxurious living spaces.
Lease-up is set to begin in early Q4 2024, with Greystar leading the charge in attracting tenants to this prime Mar Vista location. As the project nears completion, it stands as a testament to Beach City Capital’s resilience, strategic thinking, and commitment to delivering value to both residents and investors.
A Future Built on Strategic Success
The Mar Vista Project’s success is not just measured by its nearing completion, but by the strategic decisions and partnerships that have brought it to this point. As the project transitions from construction to lease-up, Beach City Capital remains focused on maximizing returns for investors. With a strategic hold period planned, the potential for increased property value as cap rates adjust could result in significant profit upon sale. Beach City Capital’s ability to navigate regulatory challenges, secure financing through turbulent times, and adapt the project’s vision to meet market demands underscores the company’s strength in real estate development.
The Mar Vista Project is more than just a development; it’s a story of innovation, perseverance, and strategic success. As we prepare to welcome residents to their new homes, we celebrate the culmination of years of hard work and look forward to the continued success of this remarkable project in the heart of Mar Vista.
Contact
For current investment options with BCC please contact Jason Muller at jason@beachcitycapital.com or Kyle Julier at kyle@beachcitycapital.com.