L.A. developers are busting out the amenities these days in the hopes of getting above-market rents.
West L.A. developer California Landmark Group recently succeeded. It opened its $40 million 84-unit luxury residential property at 710 North El Centro Ave, dubbed the LC, in July. The mid-century modern property, with loft-style apartments in the increasingly bustling half-square-mile Larchmont Village neighborhood, fully leased up within six months, the firm told The Real Deal.
Rents at the LC range from $2,100 and up for studios and $4,499 and up for three bedrooms. Jenny Chou, a realtor with Coldwell Banker who works in the area, said that studios in Larchmont average far below that, at about $1,600 a month. But the LC’s amenity menu includes indoor and outdoor movie theaters, a roof deck, on-site dry cleaning pickup and room service from a hip local restaurant, among other amenities to attract renters willing to spend more.
The restaurant La Marche signed a lease at the LC for a 3,400-square-foot restaurant and marketplace at ground level. When it opens in spring, La March will also provide the building with room service. Until then, bedside food is being served by its sister restaurant, the Larchmont.
The popular restaurant shills $15 cocktails with names like “French Revolution” and “Mexican Tourist,” along with entrees like “Moroccan Spiced Lamb Shoulder” and “Harissa Seared Scallops.”
CLG is not the only developer offering a hotel-like amenities to attract renters to high-rent properties. The units at developer Rick Caruso’s 8500 Burton Way rent for an average of $12,000 a month with a furnished penthouse at $40,000 a month. That’s about $10 per square foot per month, according to Caruso, which is more than quadruple the average Los Angeles rent and the highest outside of New York.
The service package offered at 8500 to justify those prices includes a saltwater pool, a spa, a lobby concierge, on-site valet, full room service and pantry service, a driver to shuttle tenants to errands or the airport and dog walking.
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