California Landmark Completes 68-Unit C1 in Los Angeles' Marina Arts District
$30 Million development is the first large multifamily complex in Los Angeles to include co-living units.
By: California Landmark Group
"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. "This product is a logical outgrowth of the societal trends that have led to the success of WeWork, Uber and many other shared experiences. It's 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."
Each co-living unit, which averages 1,650 square feet, includes three-to-six bedrooms with a private or shared bathroom, fully equipped modern kitchen, living and dining areas. Each member in a co-living unit also has access to shared communal spaces such as rooftop patios and pool, gym and other common areas, all designed to foster community and social interaction. The large main floor lobby features a communal kitchen and doubles as a co-working and event space.
Leases for the co-living spaces are designed with flexible terms, and rent includes all utilities, special events, building-wide WiFi, shared supplies, as well as communal services like home cleaning, with the option to add on other services like wash-and-fold laundry and dog walking.
To perfect the communal experience CLG has engaged Starcity, a San Francisco-based pioneer in community-based living, to oversee property management and programming for the both the co-living and market rate units.
"We believe that as Los Angeles continues to experience a housing crunch, developments that offer multiple solutions to different types of LA residents will be key to keeping housing affordable for all," said Starcity co-founder & CEO Jon Dishotsky. "We're proud to work with CLG, who understands Starcity's vision and has the expertise to help us bring co-living to life in one of West Los Angeles' more vibrant communities."
C1 is located at 4210 Del Rey Avenue, one block east of Lincoln Boulevard in Marina del Rey's Arts District. CLG also is developing the nearby 230-unit G8, its seventh and largest apartment project in the Marina Arts District since entering the market in 2006. With the completion of G8 in the fourth quarter of 2019, the Los Angeles based real estate investment and development firm will have invested more than $350 million in the area delivering more than 725 apartment units.
About California Landmark
California Landmark Group (http://www.californialandmark.com) is a Los Angeles-based real estate operating company that has acquired, repositioned and developed more than 3 million square feet of luxury multifamily and Class A commercial real estate assets throughout California over the past three decades.
Starcity creates beautifully designed co-living communities, offering its members a private, fully furnished bedroom, complemented by shared kitchens and living spaces, so residents can opt-in to be a part of a greater community while living in comfort. With community-building at its core, Starcity works with local community stakeholders and nonprofits to understand the neighborhood in which they offer housing, offer volunteer and engagement opportunities to its residents, and become a source of energy and opportunity for the neighborhoods in which they offer housing. Software makes the entire process work with a suite of products that making living as a group efficient and enjoyable. Founded in 2016 by CEO Jon Dishotsky, Chief Investment Officer Mo Sakrani, CTO Josh Lehman and COO Jesse Suarez, Starcity employs 35 people and has offices in San Francisco and Los Angeles.
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