With current rents substantially below market, and a prime location near Venice Beach and Marina Del Rey surrounded by numerous office and retail opportunities on Washington Boulevard, the properties are excellent candidates for development. The average home sales price in Mar Vista has increased 83% from 2012 to 2016. The area continues to experience rapid growth with a large influx of high-income millennials and a growing work force of tech, media, aerospace and finance sector companies given the neighborhood’s convenient access to Los Angeles’ premier employment centers and amenities.
The Project’s site was acquired in Sept 2018 via a JV Partnership with the land owner. Beach City Capital will be building 27 apartment units on the property. The Project secured building permits in Q2 2022 and commenced construction in September 2022.
Mitigated Development Risk
The Project will consist of three floors of Type IIIA construction over a Type I podium with 57 at-grade parking stalls. The units will feature high-end finishes and enjoy luxury amenities including a large rooftop deck, game room, and courtyard. Investors will be protected by a GMP contract for any potential construction cost increases and we will use construction bonding to ensure the Project is completed. We have contracted with Fassberg Construction as our General Contractor for the Mar Vista Project.
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Entitlements & Construction
The Project is offered with no entitlement risk as the site’s current zoning is R3-1, allowing 27 units by-right. As such, the Project is not subject to Planning Commission, City Council, or CEQA review. Additionally, because the Project is less than 49 units, the only step in the approval process is through the Los Angeles Department of Building & Safety for Plan Check. We started construction in September 2022 and expect construction to be completed in March 2024.