California Landmark Group’s 68-unit apartment building in Marina del Rey opened last year, slated as a condominium.
But times and demand has changed. The Westside firm completed the $30 million R3 Lofts development at 4091 Redwood Avenue as a rental building. The firm, which first filed plans for the project in 2014, filed its latest paperwork with the city last week that formally recognizes the rental conversion.
CLG’s R3 Lofts also includes creative office space on its lower floors, as well as a gym and rooftop pool.
CLG could be betting on the rental market maintaining strength. Rent growth in Los Angeles has been strong compared to many markets in the country, including top markets like New York City.
But other developers have gone in the opposite direction, searching for profit. In North Hollywood, developer Leon Kaplan in July decided to convert a planned 48-unit rental project over to condos.